Gold and silver work on their individual corrections which normally and at minimum should continue into the month of January 2020, then when the correction cycle will be at month No. 5, the next due Fibonacci number after the passed 3.
On monthly base this gold correction forms as an almost too perfect looking Bull Flag, which indicates the overall uptrend soon has to continue with a main target at about 1700$ for 2020.
... but it is never that easy. It depends on the timing, cause the time is always the most important parameter, right?
Gold traders should therefore pay attention on these possibly upcoming signs. Not only does the month and year end, but also the DECADE. At the end of December 31st, even extremely important signals could be fired in the DECADE time frame! And as a rule, these tend to have immensely strong reverberation.
Let's have a look at the entire correction with our familiar and tested "timing method". For that, today we only need the monthly chart, the current most determining - somewhat unconventional – GUNNER24 Up Setup and some important Gann Angles which raise from the most important extremes of the DECADE of 2010-2019.
First important to notice is that the final highs of 2019 as the entire correction cycle was caused and is determined by one of the most important natural resistances which directly springs from most important bull extreme ever, what is the alltime-high price (ATH), printed in course of the year 2011.
From above breaks a 1*2 ATH Resistance Angle!
This is serious bearish energy stuff going on here at highs. Cause this 1*2 is not only confirmed existing life-time resistance threshold, this 1*2 ATH Resistance Angle at same time represents a natural existing resistance on DECADE BASE:
Please note how exactly the gold is now held back by the 1*2 ATH Resistance Angle since 5 month candles. At re-jected 2019 highs we observe 1 precise close and 1 opening auction as 3 month highs at well-confirmed 1*2 ATH Resistance Angle. And how conspicuous is it, please, that by the end of the month/the year/the DECADE the December 2019 candle has saved itself right up to this major important resistance upmagnet?
This correction is braked by MAJOR important resistance. And this is why THE VERY FIRST decisive MONTH CLOSE above the 1*2 ATH Resistance Angle is the safest signal that gold will go for the 1700$ in course of next year. Fact. If this were to be delivered at the end of the year or this DECADE, it would indeed be one of the most sustainable bullish signals that markets can fire at all.
Another DECADE stuff is the 1*1 Bull Market Angle, that springs at # 1 // 2015 Bear Market Low. This 1*1 is most important nearest support from below. The Big Picture is that gold now gets more and more squeezed between 1*2 ATH Resistance Angle and 1*1 2015 Low Bull Market Angle.
However, the correction so far hasn`t reached or tested back the 1*1 Bull Market Angle and IMHO this MAJOR support rail test should be a necessity for the entire Bull Flag correction cycle. It makes no sense to me that the 1*1 Bull Market Angle is not getting tested within currently forming Bull Flag. Simply because he runs already so close and represents nearest DECADE support magnet and these tend to have exceptional attraction to the price.
Now we add something very unfamiliar on monthly base which starts measuring at # 1 // year 2015 Bear Market Low. This is allowed technique. Everything that somehow works or proves something is allowed.
I like to call such an irregular measurement, because the Blue Arc is only pulled so far to catch the developments of the recent past somehow. When we focus to the recent monthly extremes (orange oval) we are able to identify that the gold Bull Flag cycle is cought within the lines of a wider and green = bullish, cause usually trend continuation area = normally weaker acting resistance double arc environment.
Together the upper and the lower lines of the 2nd double arc show 5 more or less accurate testing hits since August 2019 highs.
==> Or: This consolidation absolutely respects the 2nd double arc, the predetermined lines of the 2nd and largely takes place within these two arc rails! The Bull Flag is playing almost perfectly within the lines of the 2nd double arc. And since the metal at the beginning of the year formed another monthlong Bull Flag exactly at a GUNNER24 Double Arc – the 1st red one; highlighted in purple
==> we are now only experiencing the next monthlong corrective phase of a gold bull market! And therefore the dark-green dotted arrow rally cycle into 1700$ lower line of 3rd double arc uptarget should start soon!
This outcome has a 85% probability!
However: As long as the gold shows monthly closings within the lines of the 2nd and below the upper line of 2nd it officially is still caught in it`s corrective cycle, so the current GUNNER24 Signal State!
Next is same chart and same GUNNER24 Up Setup enriched with some green arrows which symbolize how important the 1*1 Bull Market Angle was already for the past.
It makes a lot of sense that gold needs and wants a backtest of the 1*1 Bull Market Angle that is natural price-time rail out of the 2015 Bear Market Low!
The 1*1 Bull Market Angle now is usually stronger future DECADE support, in any case it should have morphed to strong future yearly support and therefore still looks like the most ideal target for this Bull Flag correction cycle. ==> This 1*1 is most important, most attractive and at same time nearest support of entire bull market. Such major important supports often have to be tested back before a next stronger upwave in the bull market begins...
Especially because the 1*2 Bull Market Angle was a very important springboard for this gold bull market. That's where the last 1-yearlong upcycle started that topped out at this year high and at downward oriented upper line of 2nd main resistance. And as soon as an important Gann Angle becomes confirmed important for the current trend, the other important Gann Angles of a setup automatically also become future important price-time magnets like the 1*2 was one for this gold bull run.
The 1*1 Bull Market Angle, as any 1*1, or the 1*2 and the 2*1 as all the other existing Gann Angles are always and mostly time magnets from the conceptual point of view. If achieved, they are often able to turn the running trend cause then the time factor is ripe or due to trigger the trend change.
Well, cause now forming flag pattern is an originally bullish one and the Bull Flag obviously takes place within lines of 2nd, additionally the GUNNER24 Method implies that just a corrective cycle is taking place the possibly due 1*1 Bull Market Angle test usually has to offer strong, strong support at a next test, which can only take place in course of the January AT THE EARLIEST.
Please come and count it with me: Bull Flag correction is now at month candle No. 4 and Jan20 candle will be the No. 5 since 2019 year high candle. This is possibly prevailing Fib turn number and for now it would be ideal when the 1*1 Bull Market Angle re-test would come true sometimes in course of January 2020 and this time-price support for then residing at 1450$ turns the main trend again or ends the Bull Flag corrective cycle and afterwards the next multi-month gold rally leg into 1700$ starts.
However & PERHAPS it will be the case that the year 2019 is indeed able to close cruical (a 1522$ and higher!???) above the discussed 1*2 ATH Resistance Angle which runs at 1514$ to 1516$ for the Dec19 candle.
==> Such possibly in 2 trading days fired combined month-end & year-end & DECADE-end close above well-confirmed and so far strong braking life-time resistance Gann Angle usually should have massive bullish implications. For shortterm and midterm and for the connected silver, platinum and Gold and Silver Miners,
And as a result the gold would be strong long candidate again from one moment to the next! And as a further consequence one can buy safely "smaller" 20$-30$ setbacks again until an opposite signal is triggered in the monthly chart.
Then also we would have received the bold confirmation that the entire gold correction has bottomed at the low of the third Fib number month at 1446.20$. And then - normally - the 1*1 Bull Market Angle is not expected to be tested for a few months. If the gold bears are lucky ...
I wish you and your families a Happy New Year!
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