This trade is only Valid IF we break the red line wedge illustrated in the chart.
1. New Daily Channel
2. Hidden Bullish Divergence on Daily chart
3. Elliot Wave Bottom at 1227-1224 Region
4. William Vix bottom on H4
5. H4 Oversold
I will fully commit to longs if we make a clear break back above the important $1238 wedge line. If not I will wait for $1215 -1200 region before I consider buying again. I have a feeling there will be another rally soon, probably after FOMC. but anything is on the tables atm since we are below the important wedge line.
Gold can still go as low as $1224-1220 before finding support!
Target channel top is around $1290
1. New Daily Channel
2. Hidden Bullish Divergence on Daily chart
3. Elliot Wave Bottom at 1227-1224 Region
4. William Vix bottom on H4
5. H4 Oversold
I will fully commit to longs if we make a clear break back above the important $1238 wedge line. If not I will wait for $1215 -1200 region before I consider buying again. I have a feeling there will be another rally soon, probably after FOMC. but anything is on the tables atm since we are below the important wedge line.
Gold can still go as low as $1224-1220 before finding support!
Target channel top is around $1290