Gold currently retracing to test the levels around 1204-2 to head higher above 1217 and continue to test +1240. If that resistance is broken a new bearish trend will be confirmed if the resistance level holds we might head down below 1200 to retest 1160 and possibly lower.
Comment:
We got a bit lower, lets see what is going to happen during Asian session. If this pattern fails and we go lower that would mean we have completed the 4th Elliott wave and we are heading towards 1160 and possibly 1130 even 1100 but this option will be covered by tomorrow posts.
Comment:
This trading idea probably fails if we go under 1190. That would mean we are in 5th and last bearish wave and head towards 1160 - 1130 and even 1100 before another UP trend. See my other published idea for explanation.