Gold price has been experiencing a parabolic rise for the last 2 weeks due to the war between Russia and Ukraine. According to technical analyst Ming Jong Tey, on March 9, 2022, the Wyckoff character change emerged under him, which could indicate a short-term consolidation as he lays out the reasons for the next move. Ming Jong Tey’s technical analysis in his own words cryptocoin.com compiled for our readers.
Gold price prediction with the Wyckoff Method
In the gold price, on March 9, 2022, a Wyckoff character bar change emerged, representing the largest bearish bar since the uptrend, making a stop action for the uptrend. While the automatic reaction (AR) is emerging, a short-term trading range can be expected for gold.
Since mid-January 2022, the gold price has been outperforming the S&P 500 as shown in the relative strength chart (circled in green in the lower pane). Gold entered a parabolic uptrend after breaking out of peak formation in mid-February 2022 and hit nearly all-time highs in 2089 on March 8, 2022, with a buying climax (BC) followed by an increase in volume followed by an automatic reaction (AR). which is still going on. See the graphic below.
The automatic reaction (AR) is the part of the character change that stops the parabolic run in the short term. This is the biggest bearish wave since the beginning of the uptrend in January 2022. A trading range (orange annotation) can be predicted based on the highs and lows generated by the buying peak and the auto-reaction.
According to Wyckoff phase analysis done in a broader perspective since August 2020, the uptrend from January 2022 could be the sign of phase D of power rally waiting for a support action (expected trading range with orange explanation) before completing the accumulation structure. This is a bullish structure with plenty of upside. However, a trading range of 1,960-2,080 is expected in the short term.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.