Gold to Retest C leg of the Bearish ABCD pattern
I'm looking for gold to retest the C leg of the Bearish ABCD pattern. You can measure this move yourself from D leg to C
Similar to how the SP500 retest, but failed to breakout of the bearish channel .
In addition, this whole move from D leg to C is a retest of the 4 hour head and shoulders pattern. There will be a strong attempt to invalidate this zone by gold bulls.
Follow by a retest of the 4th wave, and see if previous resistances becomes support.. I ultimately see gold rising to 2040, no guarantees if it breaks above 2040 before Rate hike decision is determine. However, I believe the momentum is a great selling opportunity and build up to make a good profit.
With the right momentum, don't be surprise if Gold forms a nice base here
Similar to how the SP500 retest, but failed to breakout of the bearish channel .
In addition, this whole move from D leg to C is a retest of the 4 hour head and shoulders pattern. There will be a strong attempt to invalidate this zone by gold bulls.
Follow by a retest of the 4th wave, and see if previous resistances becomes support.. I ultimately see gold rising to 2040, no guarantees if it breaks above 2040 before Rate hike decision is determine. However, I believe the momentum is a great selling opportunity and build up to make a good profit.
With the right momentum, don't be surprise if Gold forms a nice base here
Comment:
expect a major assist from oil prices
look at the multiple .236 range bounces, and the retrace to the .236 fib level. Anticipating a bull flag breakout and retest to the all time highs..