justatrader

Gold heading to 1250 this week?

Long
FX:XAUUSD   Gold Spot / U.S. Dollar
652 views
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.

Comments

thanks for sharninghttps://www.
+1 Reply
justatrader manijeh.kazemi.33
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
Reply
justatrader manijeh.kazemi.33
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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