🔔 Multi-time frame technical review of gold ounces From opportunity to risk Long-term trends: On the weekly chart and in Albrox style, after the upward spike from $3,300 to $4,370, gold entered the ascending channel cycle and advanced to $5,595. After that, when the bottom of the channel was broken, the trading cycle of suffering began and the ounce of gold began to suffer. The long-term weekly range of gold is defined by the ceiling of $5,595 and has now decreased to determine the floor. 📌 Usually the most likely floor for range areas is the first price floor in the channel. This point for an ounce of gold is placed in the region of $3,900. Since the $3,900 floor overlaps with the floor of the Bollinger Band indicator, it becomes more important. 📌 So as long as the close of weekly candles does not close below 3,900 dollars, we can hope for price growth. The weekly target will be the middle of the trading range in the $4700 area. 📌 If the floor of $3,900 is lost, the ounce of gold may retreat to the nearest daily FTR in RTM style (i.e. $3,540) to determine the floor of the trading range. On the daily chart, gold's last weekly bastion is at the beginning of the Albrox spike and RTM Zone Base area, which is $3,360. Short-term trends: 📌 In the 4-hour chart, gold has started an attempt to recover the 9-period exponential moving average, which happens to overlap with the 4-hour Bollinger Band average. If the price can maintain the support of $4,000 (that is, at the time of the closing of the 4-hour candles, more than half of the candles are not below $4,000), the first stop is the $4064 ceiling of the Bollinger Band. A successful exit from the ceiling of the Bollinger Band will mean an attempt to consume the accumulated liquidity around $4190. 📌 On the other side, a reversal pattern is forming, which remains valid only by maintaining the $3950 floor and expires when it is lost. If the floor of $4,950 is maintained, an ounce of gold will find a position to return to around $4,500. The $4,500 range is another important area in the ARTM style and the weekly chart that we expect to return to at least one more time under any scenario. But the time is not known. Summary: Entry is allowed with a loss limit of $3,950. Possible initial targets are $4064 and $4189. A more optimistic scenario for an ounce of gold would be a rise to the $4,500 area. Valid defeat of any target's resistance activates the next target. If the $3,950 support is lost, we have to wait for the reaction of the weekly candlestick. If the loss of $3,900 support is confirmed on the weekly chart, gold will retreat to the $3,540 area. (Holding or losing the $3,900 support can only be checked at the close of the weekly candles)
