A New Year

gold shows here near the major resistance zone various weekly formations to be considered:

possible "V" continuation:

quintuple top price rejection:

confirmed directional change with dark cloud cover formation after dragonfly doji:

bullish price channel formation:

beauty principle pattern:

red followed by three green bars up

in summary:

if you look at the weekly gold bar you find most dominantly bears to have controlled this last week and forming a dark cloud cover price formation

yet major support zones from an upward channel perspective have not been broken yet and we are in the first week of the year where major portfolio allocations are placed

=a zone of abnormalities not averages

this weeks weekly bar itself also shows some weakness from a bears dominance perspective with its wick to the downside rather portraying a uncertainty doji versus a clear massive defeat of the bulls

that being said we see the battle not just quite over yet and as such do not place substantial bets to the downside just yet to avoid high risk entries

silver, finds itself weaker than Gold already in its second leg down

its beta accentuates moves and as such has given up more profits this week

prices closed right near a massive VPOC

prices are still supported from the 200SMA and are nearing the APEX of a large triangle formation promising that once direction is firmly established a massive directional move can be expected

like gold the weekly bar of this week also shows quite a tail to the downside with bear presence still alive:

you might remember this analysis from quite a while ago and anticipated price moves at the time did manifest

this weeks price performance ended on a bullish note

the overall green bar shows breakouts on both sides

ending in a PAT situation

presented by two dominant wicks

ES trading of this week wiped out more than 2 weeks prior profits confirming a wide double top after an extended multi week bullish up move

again all price behavior needs to be seen under the fact of trading from a time perspective at extremes it being the roll over into the new year where abnormal order flow of larger player portfolio allocations can throw a wrench into smaller time frame charts