Gold : A different approach

FX:XAUUSD   Gold Spot / U.S. Dollar
Doing research in Gold             , I found a possible end of a correction cycle Also the area of 1180 corresponds to 61,8 fibo retracement to explore possibility of a new bullish trend .

In terms of time cycles , from October 2008 to low of 1130 it took 313 weeks, which represents 6 years , a good turning point after a 5 year cycle + accumulation/distribution .

Finally the coloured angle fits with the idea of an ending cycle.

I´m entering long at current levels with SL below 1180 on a daily close.

NOTE : Markets are fractal and Gann provides multiple possibilites. Time cycles are not always accurate but in this case it seems it could work.

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Related Ideas

UPDATE : Stopped out. Gold picture is increasingly bearish
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