30 | Update

UPDATE - Gold is potentially down as Bearish Gartley harmonic pattern detected on time frame 4H.

25 | Daily

DAILY - Gold inclined as high as 1648 but couldn't be stable above 1643 (50% Fibonacci - weekly range). At this moment, MACD on time frame 4H is heading up and about to cross the zero line, while on time frame 1H is already crossed and heading down, in this case more consolidation would be seen before it continues its up movement with the target 1648 - 1652 - 1657.

If the price remains below 1640 (50% Fibonacci - daily range), then it flips back to the downside and testing yesterday Low around 1633 or even lower.

24 | Daily

DAILY - After reaching 1623 (127% Fibonacci - weekly range), gold flipped back to the upside but still below 50% Fibonacci. It needs to break yesterday High around 1642 and stable above that level in order to continue its incline and testing last week High around 1656, otherwise more consolidation would be seen within 1643 - 1630 or even flips back to the downside and testing yesterday Low 1622 and even lower to 1617 - 1614 - 1610.

Weekly Outlook

WEEKLY - Gold hasn't been going nowhere. It's still moving within range 1656 - 1630, and it needs to break either one to find the moment to trade, otherwise more consolidation within this range would be seen.

19 | Daily

DAILY - Gold is still moving in tight range. It broke 1641 and declined as far as 1637. MACD on time frame 1H has already crossed up, but seems like the price facing 1641 (support that becomes resistant) at this moment. Gold needs to be break this level and stable above it to flip back to the upside, otherwise gold will remain on the downside and test yesterday Low (1637) or even last week Low (1631).

18 | Daily

DAILY - Despite the sudden decline that happened on Tuesday, Gold hasn't been going anywhere technically. It's still trapped between 50% Fibonacci and the down trend line on time frame 4H. MACDs are flat on both time frames at this moment. Gold has to break either 1655 or 1641 and stable above or below either one to continue its trend. Otherwise more consolidation would be seen.

17 | Daily

DAILY - Gold still on consolidation phase, it's like trapped in between. On time frame 4H, it's in between 1655 (50% Fibonacci - weekly range) and the down trend line, while on time frame 1H Gold is already above 1648 (50% Fibonacci - daily range), but MACD is still below the zero line.

Personally, I will stay out of the market for awhile.

16 | Update

UPDATE - Gold failed to remain on the upside and declined as far as 1640 (127% Fibonacci - daily range). If gold could break 1648 and remains above this level, then it has possibility to rebound, otherwise gold will stay on the downside and has possibility to go even lower for the rest of the session today. The next target would be 1631 - 1618 - 1613.

Weekly Outlook

WEEKLY - Based on weekly range, gold closed above 50% Fibonacci last week, above the downtrend line (red thick line) that now becomes support, and MACD still above the zero line as well. As long as it stables above 1655, then gold still has a chance to go up with target 1679 - 1692 - 1708. Otherwise gold will flip back to the downside.

Since MACD has already crossed and facing down, gold might have some consolidation before it continues its up movement.

13 | Daily

DAILY - Gold failed to stay below 1656 as mentioned before, instead, it finally broke the neck line and inclined sharply as far as 1679. It could be the sign of another incline, but still gold has to breach last week High at around 1682 to keep its up movement.

Today, gold might retrace before continue to go up considering that MACD is about to cross down on time frame 1H. As long as gold consolidation above 1664 (50% Fibonacci - daily range), then this could be a good time to look for buy opportunity

12 | Update

UPDATE - After a long waited consolidation phase and trying to break the neck line (red thick line), gold finally broke 1656 (50% Fibonacci - daily range) and declined as far as 127% Fibonacci at around 1649. If gold could be stable below 1656, it potentially go further down to 1646 - 1640 - 1637. Otherwise it flips back to the upside and testing yesterday High or even higher.

In case of another decline and break 1647 (50% Fibonacci - weekly range), the Bullish Butterfly harmonic pattern scenario, may not be valid any longer. Gold could be going down for the rest of the week.

12 | Daily

DAILY - Gold moved in very narrow range yesterday. It changed nothing at all in term of analysis. Gold is still trying to breach the trend line as the neck line of the Bullish Gartley harmonic pattern. If it breaches, then gold might continue its up movement testing last week High 1682. Other wise gold will flip back to the downside with target around 1652 - 1649 - 1646.

More consolidation would be seen today before it breaks either 1661 or 1652 considering that MACD on time frame 4H (weekly range) is about to cross down, while it is still above the zero line on time frame 1H (daily range). Gold needs to be stable below 1656 (50% Fibonacci - daily range) and MACD below the zero line to go further down.

11 | Daily

DAILY - Gold broke 1647 (50% Fibonacci - weekly range) but faced the down trend line as the neck line of Bullish Butterfly harmonic pattern at around 1662. This would be the confirmation of the up movement, but some consolidation would be seen before it breaks that level and continue the uptrend.

If it fails to breach, then gold potentially flip back to the down side and testing yesterday Low around 1631 or even last week Low 1611.

10 | Update

UPDATE - Gold did break 1647 (50% Fibonacci - weekly range) and inclined as high as 1653, but still was not able to maintain above this level and went back down to around 1641 (50% Fibonacci - daily range).

In case of further incline, it might be limited at around 1664 - 1667. Breaking the red thick line could be the sign of the uptrend for the rest of the week, but if it breaks 1641 and stable below that level then gold might be back on the downside and testing yesterday Low around 1634 or even lower to 1631 - 1626.

10 | Daily

DAILY - Gold tried to break 1647 (50% Fibonacci - weekly range) yesterday, but couldn't stable to stay above that level and moved in very narrow range. Today, it opens below the 50% Fibonacci - daily range, but MACD still above the zero line. On the other hand, we have MACD above the zero line but the price still moves below the 50% Fibonacci - weekly range on time frame 4H.

Therefore we would see more consolidation today before it breaks either 1647 or 1634.

See Weekly Outlook for medium term.

Weekly Outlook

WEEKLY - Gold declined sharply last week and recovered after it went down as low as 1611. This week, gold needs to break 1647 (50% Fibonacci) and stay above that level to start its uptrend and MACD has to be above the zero line as well to confirm. If the price fails to break 1647 than gold might stay on the downside and testing 1611 and even lower to 1592 - 1567 this week.

The Bullish Butterfly harmonic pattern is still valid and the price needs to break the thick red line to accelerate its bullish.

In case of further decline, the Bullish Butterfly harmonic pattern scenario will still valid as long as it stays above 1585. Breaks this level then gold might testing December 2011 Low around 1522. See image on this post.

06 | Update

UPDATE - Gold barely moves so far, please refer to my previous post.

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06 | Daily

DAILY - Gold moved in narrow range but it flipped back to the upside for today as long as the price stable above 1625. In that case, the next target would be around 1632 - 1636 - 1640 or even higher. But if the price breaks 1625 then it flips back to the down side and testing yesterday Low (1619) or even 1611.

For addition, just in case of further decline, the Bullish Butterfly harmonic pattern will still valid as long as it stays above 1585. Breaks this level then gold might testing December 2011 Low around 1522. See image below.

05 | Update

UPDATE | Gold still on its consolidation phase. My previous analysis remains valid.

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05 | Daily

DAILY - Gold was on the critical condition, not only broke last week Low (1644) but it broke last month Low (1627) as well and declined as far as 1611. Today, gold needs to cross 50% Fibonacci and stable above 1629 to flip back on the upside, otherwise it will test yesterday Low and even lower.

Meanwhile, we see new harmonic pattern on time frame 4H which is Bullish Butterfly, that means that gold still got a chance to go up and crossing that red thick line would be the confirmation.

Note: If the price breaks 1614 and stable below that level, then Gold might be go further down and testing December 2011 Low around 1522.

04 | Update

UPDATE - After some consolidation, gold went back down even lower to where it started. That makes the Bullish Gartley scenario is no longer valid (see previous post). I personally would stay out of market in this kind of situation, at least until the price breaks 50% Fibonacci on time frame 1H for Day Trade, and time frame 4H for medium term..... or wait until the next day and see where the price might be when the market opens.

04 | Daily

DAILY - Gold was losing its bullish momentum and declined sharply back to the down side. That potentially forms a Bullish Gartley Pattern on time frame 4H.

More consolidation would be seen before it crosses the 50% Fibonacci and flip back to the upside to keep this Bullish Gartley Pattern valid. Otherwise it will go down even lower to test last month Low around 1627 considering that the bullish is not confirmed yet on the bigger time frame.

03 | Update

UPDATE - Gold is trying to break the 50% Fibonacci but has been hanging around 1672 area. As I mentioned earlier, if the price breaks this level then it will test yesterday Low around 1662... otherwise gold will continue its uptrend with target yesterday High 1682 - 1688 - 1695.

03 | Daily

DAILY RANGE - Some consolidation would be seen today before it continues its uptrend and test yesterday High around 1682 (MACD has already crossed and pointing down), break yesterday High then the next target would be around 1688 - 1695. As long as it stays above 50% Fibonacci then this scenario is still valid, otherwise it would be back on the downside and test yesterday Low around 1662.

02 | Update

UPDATE - Gold did break the 50% Fibonacci based on weekly range on time frame 4H (left), but was not be able to stay above that level (1670) and declined instead after it reached around 127% Fibonacci based on daily range on time frame 1H (right) at around 1673.

The scenario remains the same as posted on weekly outlook.

Note: Level 127% Fibonacci was added, and this level is considered as a minor number but sometimes the price stops right there before touching the target at 161.8%. This theory goes to level 224% as well before touching the target at 261.8%. This case happened here.

Weekly Outlook

WEEKLY - As I mentioned on my previous analysis, that the up movement was facing strong resistant which was the highest price on 2 weeks ago at around 1668. Gold needs to cross the 50% Fibonacci at around 1670 and remains above that level to continue its bullish this week, and MACD needs to be above the zero line as well. Otherwise gold will stay on the downside and testing the last week Low around 1644 considering that the bullish is not confirmed yet on the bigger time frame after all.