Both gold and crude oil have been on a parabolic rise in the last 2 weeks due to the war between Russia and Ukraine. On 9 March 2022, a Wyckoff change of character bar showed up in both gold and crude oil also represented the largest bearish bar since the uptrend, acted as a stopping action for the uptrend. While the automatic reaction (AR) is unfolding, a short-term trading range could be anticipated for gold and crude oil.
Gold Price Forecast with Wyckoff Method
Since mid of January 2022, gold outperforms S&P 500 as shown in the relative strength chart (circled in green in the lower pane). After breaking out from the apex formation in mid of February 2022, gold entered into a parabolic rise and almost tested the all-time high level at 2089 on 8 March 2022 with a buying climax (BC) and spike of volume followed by an automatic reaction (AR), which is still unfolding. Refer to the chart…
