On Friday, Gold continued the rally started on Thursday and closed @ 1258, up 7.4 points on the day. This confirms that move up to the target zone of 1277, which would be the 1:1 target of the Major and Minor A waves (see chart). I have also marked a few higher targets if strong buying comes into the market. The 1.272 fib extension is very common and that has nice confluence with the round number of 1300.
There are now 2 very strong Heikin-Ashi candles confirming the resumption of the bull move up.
The weekly Hiekin-Ashi chart shows 8 weeks of strong upward movement. However, it's clear that price is moving into the middle of the Ichimoku cloud. Let's see if price can break through this week, If it's rejected here, then we'll have to re-think our wave counts and re-assess our long positions.
Disclaimer: This post is for educational purposes only. Trading is at your own risk.
Disclaimer: This post is for educational purposes only. Trading is at your own risk.
