Gold is in a corrective pull back within a long-term Bull Market with price trading above the 50 week ema, which is above the 200 and 800 week emas. The 50 week ema is currently trending up , though price has closed below the 13 ema, signaling a pull back. Looks like a test of the 30 ema around 1440 is forth coming, and potentially a test of the 50 ema down at 1400. Elliott Wave analysis and Fibonacci retracement levels support this analysis.
The Commodity is in a correction of a long-term Bull Market with price trading below the 50 day ema, though the 50 is above the 200 and 800 day emas. The 50 day ema is currently down trending, though price is still channeling between down trend lines. Looks like a measured move is setting up for price to trade down to the 200 ema around 1420 over the next couple months which would typically be followed by a bounce back up to the 50 ema, followed by consolidation between the two.
The Commodity is in a Deep Correction of a Bull Market on the 4 hour, with price below the 50 ema, which is below the 200 ema, yet both are still above the 800 ema. Price should trade down to just above the 800 ema last week, putting in a b-wave bottom, and is now aggressively bouncing back up to the 200 ema, in order to finish out the a-b-c wave pattern. Looking at the trading picture, I would look for price to open up lower into next week, consolidate with stop hunts up and down, and then make two more pushes up to the 200 ema around 1475-1480.
This is my GOLD look ahead for my own trading purposes. COMMODITIES trading involves risk. Feel free to comment, but trade off of this post at your own peril.
The Commodity is in a correction of a long-term Bull Market with price trading below the 50 day ema, though the 50 is above the 200 and 800 day emas. The 50 day ema is currently down trending, though price is still channeling between down trend lines. Looks like a measured move is setting up for price to trade down to the 200 ema around 1420 over the next couple months which would typically be followed by a bounce back up to the 50 ema, followed by consolidation between the two.
The Commodity is in a Deep Correction of a Bull Market on the 4 hour, with price below the 50 ema, which is below the 200 ema, yet both are still above the 800 ema. Price should trade down to just above the 800 ema last week, putting in a b-wave bottom, and is now aggressively bouncing back up to the 200 ema, in order to finish out the a-b-c wave pattern. Looking at the trading picture, I would look for price to open up lower into next week, consolidate with stop hunts up and down, and then make two more pushes up to the 200 ema around 1475-1480.
This is my GOLD look ahead for my own trading purposes. COMMODITIES trading involves risk. Feel free to comment, but trade off of this post at your own peril.
Trade active:
This post was pretty much dead on last week. Gold put in it's c-wave top and is now pushing down to the 800 ema, at 1449, in five pushes. It will likely bounce off that in a corrective continuation pattern.
