This candle combo is called “Advance Block” and it rarely resolves upwards. The combo was finalized on Friday, December 23rd, when the 15-day gold candle closed, and I can say that the next 15 days could be very challenging and even trend setting. This is the candle view.
If we look at gold from the Elliott Wave perspective, we can see that gold struggled to make a motive structure off the September lows and completed (or about to complete) an Ending Diagonal. This and other events were discussed in this gold Alert on December 20th.
And this is not everything.
In the weekly analysis below, I will evaluate the candles that Gold formed on multiple frames and the possible combos to be formed at the end of December. We will discuss the TA side on different frames and analyze the long- and short-term perspectives for the metal using Elliott Waves.
The analysis is part of the @InvestingAngles Series that covers US and global indices, Precious Metals and Miners, Commodities, Currencies, Crypto, and some Large Cap stocks.
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Gold Q2 Quarterly Analysis covers very long perspectives of quarterly candle formations:
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