Gold and Brent Update – 28 June 2024
GOLD – DAILY
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Long term: The encircled numbering illus-trates the overall bull trend with subdivisions to T2.
Medium term: The current bull trend is poten-tially busy developing a R1/S1 continuation pattern (4) that should soon result in gains to T1.
• A WXY type correction off T1 would still be part of the larger bull trend to T2.
Short term: The current abc consolidation is materializing as expected with the final c phase to S0*.
• Overbought market conditions have been addressed during this consolidation (see RSI oscillator)
Levels: S0* is the important level for the bull-ish case. A break will require re– assess-ment and indicate a different scenario.
Conviction: Medium to high
BRENT– DAILY
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Long term: The illustrated moves remain part of a larger bottoming phase that should re-main above S1 over time.
Medium term: The expected ABC bull phase is materializing and should target R1 and R2* before completion. This would be followed by further R2*/S0* range trading.
Short term: R0 could become and interim top and the end of phase A, with B developing into a R0/S0* consolidation. The current mi-nor consolidation phase below R0 should re-sult in further moderate upside to R0.
Important levels: A break of R2* will neutral-ize the longer term R2*/S1 consolidation phase. Breaching S0* will negate the medium term ABC advance outlook to R1/R2*.
Conviction: Medium to high
Alternatives: The KL trend lines have been added to indicate the possibility of a medium term triangle developing.
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Red Line: “Roadmap” – A visual representation of proba-ble future price action. A perforated red line suggest various proba-ble outcomes with the perforated line being
Blue Line: Trend Lines that constitute important sup-port / resistance or break levels
TA – Target area
MA – Moving average
R – Resistance
RA – Resistance area
MR – Minor Resistance
MS – Minor Support
MTR – Medium Term Resistance
MTS – Medium Term Support
SA – Support Area
S – Support
T – Target
* or ** – Significance of level