GOLD (XAU/USD) - Bearish Minute C - Divergence @ Resistance
GOLD (XAU/USD) has dropped nicely from our previously posted SELL 1260 Levels and hit the 50% Fibonacci Retracement (red) of Intermediate Wave (1) (light blue), thus confirming Minor A (red) within Intermediate (2) (light blue).
Minor B (red) has retraced with a powerful 78.6% Fibonacci Retracement of Minor A (red) and is about to complete its ABC Minute Cycle (light blue), facing a challenge at the Resistance.
Minute C (red) is about to start @ 1250 Levels, just waiting on the final small up-swing and the completion of Minor B (red).
GOLD is facing a temporary weakness before a Major Up-Trend.
Decreasing Bullish Volumes point out the Main Bearish Divergence and right after the Secondary Bearish Divergence will join at the 61.8% Fibonacci Extensions of Minuette iii & iv (black), then Minor C (red) will commence, which is expected to end at the 61.8% or possibly 100% Fibonacci Extensions (blue) of Minor A&B projections.
Depending on the Corrective Structure that Intermediate (2) (light blue) will provide, we will be very interested in a GOLD Long Trade a bit later.
GOLD - Short-Term SELL:
Entry - 1250.00
Moderate:
SL - 1261.00
Conservative:
SL - 1268.00
TP 1 - 1208.00
TP 2 - 1180.00
Minor B (red) has retraced with a powerful 78.6% Fibonacci Retracement of Minor A (red) and is about to complete its ABC Minute Cycle (light blue), facing a challenge at the Resistance.
Minute C (red) is about to start @ 1250 Levels, just waiting on the final small up-swing and the completion of Minor B (red).
GOLD is facing a temporary weakness before a Major Up-Trend.
Decreasing Bullish Volumes point out the Main Bearish Divergence and right after the Secondary Bearish Divergence will join at the 61.8% Fibonacci Extensions of Minuette iii & iv (black), then Minor C (red) will commence, which is expected to end at the 61.8% or possibly 100% Fibonacci Extensions (blue) of Minor A&B projections.
Depending on the Corrective Structure that Intermediate (2) (light blue) will provide, we will be very interested in a GOLD Long Trade a bit later.
GOLD - Short-Term SELL:
Entry - 1250.00
Moderate:
SL - 1261.00
Conservative:
SL - 1268.00
TP 1 - 1208.00
TP 2 - 1180.00
Trade closed manually