TimStuyts
Long

Gold possible Buy continuation trade

FX_IDC:XAUUSD   Gold / U.S. Dollar
212 3 3
I'm looking for a consolidation followed by a Buy opportunity for gold             .
First have a look at the bigger picture for context. I'm looking for a long term bottom but there is still a serious probability that this long term bottom isn't in place yet.

snapshot


I've counted the current move on the 4hr chart as an A-B-C where wave C is currently in progress. We have to keep in mind that in case Gold             really decides to take off this will most likely change into a 1-2, 1-2-3 pattern where the move started with an extension (A-B ). However that is too soon to tell and not relevant for the next possible trading opportunity.

I'm looking for a consolidation as shown by means of the 'bear-flag' /'channel'. (this is only an indication).
I will look to buy the next impulse to test the upper long term trend line (black).

Updates will follow.

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https://www.tradingview.com/chart/s0ozu7mw/

The consolidation/correction is unfolding as expected, let's see whether this will be followed by a bullish break out and buy trade.
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TimStuyts TimStuyts
snapshot
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TimStuyts TimStuyts
snapshot


sorry guy's for the inconvenience but this chart should be clear.
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