Gold Update - Elliott waves | Gann | Planetary Aspects $GLD $XAU
Gold has retraced towards the 50-60% retracement area (blue box), where it currently finds support at the Gann level of 1747.
The question is if the bearish wave (B or 2) is complete. Wave (a) and (c) have reached equality, fulfilling the requirement for a completion. The DXY has met resistance perfectly at the 93.437 Gann level and, should it reverse, then a lower USD will drive Gold higher.
However, a deeper retracement into the blue box is a possibility, because the green wave v is very short. Therefore, ideally we want to see support on the 1768 Gann level to build long exposure.
Major planetary aspects have passed, all of them gave us astonishingly precise indications about expansions in volatility. On 26 SEP the Ascendent will square natal Jupiter, but likely not too significant.
Correlations: If sell-offs in SPY and QQQ assets continue, that capital may flow into safer assets such as safe-haven metals like Gold, increasing buying pressure.
China: I recommend Steven Van Metre’s coverage on Evergrande on YouTube, as we need to keep an eye on debt default crises because they like to spiral out of control.
STO = sell to open
BTC = buy to close
BTO = buy to open
STC = sell to close
These abbreviations in the chart are ideas provided as educational information and do not constitute financial advice.
______________
In my analyses I combine Elliott waves, Gann theory, and planetary aspects to identify turning points in the markets & derive high-probability trading ideas. The strategy is to build leveraged exposure when markets are likely to expand (momentum), and to use options premium decay for consistent income when markets may contract (range).
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Disclaimer:
The views and ideas expressed in this analysis are that of the maker. They are provided as educational information and do not constitute financial or trading advice.
The question is if the bearish wave (B or 2) is complete. Wave (a) and (c) have reached equality, fulfilling the requirement for a completion. The DXY has met resistance perfectly at the 93.437 Gann level and, should it reverse, then a lower USD will drive Gold higher.
However, a deeper retracement into the blue box is a possibility, because the green wave v is very short. Therefore, ideally we want to see support on the 1768 Gann level to build long exposure.
Major planetary aspects have passed, all of them gave us astonishingly precise indications about expansions in volatility. On 26 SEP the Ascendent will square natal Jupiter, but likely not too significant.
Correlations: If sell-offs in SPY and QQQ assets continue, that capital may flow into safer assets such as safe-haven metals like Gold, increasing buying pressure.
China: I recommend Steven Van Metre’s coverage on Evergrande on YouTube, as we need to keep an eye on debt default crises because they like to spiral out of control.
STO = sell to open
BTC = buy to close
BTO = buy to open
STC = sell to close
These abbreviations in the chart are ideas provided as educational information and do not constitute financial advice.
______________
In my analyses I combine Elliott waves, Gann theory, and planetary aspects to identify turning points in the markets & derive high-probability trading ideas. The strategy is to build leveraged exposure when markets are likely to expand (momentum), and to use options premium decay for consistent income when markets may contract (range).
Get a 14 Days Free Trial: www.constellations.trade
Open an account here if you'd like to support my work:
Deribit - Trade Bitcoin option premium decay strategies here:
www.deribit.com/reg-14912.6680
Binance - 10% off trading fees with this link:
accounts.binanc....me/en/register?ref=LLBB97...
Disclaimer:
The views and ideas expressed in this analysis are that of the maker. They are provided as educational information and do not constitute financial or trading advice.