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Could gold fall below $4,000 next week?

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ticker lesson

Breakdown

0:00Gold· ticker

Gold — 3.7% weekly drop, retracement analysis

  • Gold down 3.7% weekly
  • 61.8% retracement failed
  • Dropped to 78.6% retracement
  • 2-hour chart shows bare flag pattern
  • Toddler bare flag pattern
1:47Gold· ticker

Gold — 1-hour chart baby bare flag

  • 1-hour chart shows baby bare flag
  • Bias for next week is lower
  • Line likely to fail
  • Longer stay = higher drop risk
  • 4,000 likely to hold
1:48Gold· ticker

Gold — 3950 support level analysis

  • 3950 is key support level
  • 3950 holds 75% of the time
  • Bounce expected if 3950 holds
  • 25% chance of break below 3950
  • Break triggers 3700 level
1:49Gold· ticker

Gold — 34500 as backup the truck level

  • 34500 is backup the truck level
  • Physical buy if 34500 hits
  • 34500 unlikely to happen
  • 3950 likely to hold
  • Contango in spot market

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