nishant.bali.12
Short

Gold @ $1040 !!! Thiat's what EW is saying

COMEX:GC1!   GOLD FUTURES
50 0 1
Gold             is yet not our of the woods. Currently, price forming a 4th primary degree reactionary wave ,as per the rule of Alternation. We assume "e" wave withing the 4th wave might complete at $1350-1370 levels. And post that fall is expected till 1040 which would 5th primary impulsive wave.

Why $1040 is an important level because its the bottom of the 4thlarge cyclical degree and also 1.618 of XA move .If price go below that level the next target would be $970 , as per the principle of Equalization which is 1 wave = 5th wave. We assume below $1241 would act as an intermediate support which is 78.6% fib level of BC             triangle . Hence for the Gold             lovers we assume a Dead Cat bounce till $ 1345-1370 levels. Post that prices might nosedive till $ 1050.

If we go by the Fundamentals, after the shock of the Yen carry trade , we assume rising UK's interest might create a catastrophic effect for the Gold             . And looking at the Japan's economy number we assume a massive bond buying might continue in the medium run and today Fed governor has also indicated rise in the short term interest soon .We assume these news might get discounted in the few months i.e before the crowd gets in.

Regards
Nishant bali

Above analysis is purely for the educational purpose. Investors invest on their own risk..
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