justatrader
Long

Gold heading to 1250 this week?

FX:XAUUSD   Gold/U.S. Dollar
646 4 7
Main pitchfork from the daily charts shows a clear rejection of the downtrend with price reversing from the median line . Forms a bullish flag pattern and plotting the new pitchfork , we could see a retracement to 1201 levels targeting 1254.
Professional market analyst with a keen interest on futures. Love keeping an eye on the markets. Currencies, bonds, commodities. Combining technical analysis and the fundamentals. Contact me for more details.
thanks for sharning
GOLD ELLiott waves
+1 Reply
justatrader PRO manijeh.kazemi.33
2 years ago
Thanks for the insight. Not a big fan of EW... Your chart shows a possible long from 1222.2 if I understand it right??
+1 Reply
if prices break 1236 wave c to 1257-1261 fibo1.618 complete
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justatrader PRO manijeh.kazemi.33
2 years ago
Ahh ok. Got it. In my chart, the next upside target is 1322. So perhaps will leave one small position at break even to see how far Gold will rally. Given the FOMC this week, Gold jumping looks bearish for the USD.. Unless we are all wrong :)
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