Evening everyone,
As you can can see based on current price action Gold managed to make a new low with today US session. This is due to the fact, that we were missing out one last downside leg in our Elliot Wave count - on the other hand the speech of J. Powell ahead of Congress was the catalyst for the sell-off reaction.
However,I think that we have high chances to go up here for an at least 50% correction in order to get our wave 2 IF this is really the beginning of a bearish Cycle. Since we have seen a lot of selling pressure in the last days, I am leaving the door open in case Gold is becoming bearish all of a sudden. On the other hand, I will analyze the inner structure of Gold once we get closer to 1822 in order to understand if Gold is still bullish or not, BUT in my opinion the tab of 1822 is out of question.
This is no financial advice, just my opinion.
RT
As you can can see based on current price action Gold managed to make a new low with today US session. This is due to the fact, that we were missing out one last downside leg in our Elliot Wave count - on the other hand the speech of J. Powell ahead of Congress was the catalyst for the sell-off reaction.
However,I think that we have high chances to go up here for an at least 50% correction in order to get our wave 2 IF this is really the beginning of a bearish Cycle. Since we have seen a lot of selling pressure in the last days, I am leaving the door open in case Gold is becoming bearish all of a sudden. On the other hand, I will analyze the inner structure of Gold once we get closer to 1822 in order to understand if Gold is still bullish or not, BUT in my opinion the tab of 1822 is out of question.
This is no financial advice, just my opinion.
RT
Comment:
Entry is set to break even. Partials of 33% been booked at 1790.