This is confused dark cloud situation in gold. Let’s be more practical. Gold is choppy and upset a lot of bulls like me. I expect drop till 1555, but not to 1506. These days I am trading with low risk. Let’s match this move with time. I expect 1625 by end of March but we go over 1700 and dropped.
My original plan was 1625 to 1480 by end of June. From June to Dec 1480-1800. Anything over it’s a bonus. Coming years, I am expecting a drop back to 1180 even lower in following years. This year is election year, So politicians never let Stock to fail this year. But the Covid - 19 changed the whole picture. Actually, speaking it shuffled the market match, that familiar to us.
What’s now?
Technically we are in 121 bullish pattern in daily and weekly chart. However, the target of bear can extend to 1480. Our weekly candle printed as dark cloud and daily comex closed @ 1519. so give some kind of weight to it. This week there is fed meeting and this will pump gold up again. But How high? If we get “proper” pumping we can reach 1689 in no time and let the week close around it. So I am not expecting bear at least this week.
EW choice...!
The big drop considered as 1st leg of a triangle bullish. I prefer a triangle here because gold loves triangles to waste time not only that we need to print 4th wave. I strongly believe that this panic we spend in a time-wasting cage with a range of 200$.
If we get gap up today, FOMC’s initial reaction will be drop to close gap, probably set a new low to break the confidence of bulls and bounce back up. Safe trade with extremely low risk and have green Pips.
My original plan was 1625 to 1480 by end of June. From June to Dec 1480-1800. Anything over it’s a bonus. Coming years, I am expecting a drop back to 1180 even lower in following years. This year is election year, So politicians never let Stock to fail this year. But the Covid - 19 changed the whole picture. Actually, speaking it shuffled the market match, that familiar to us.
What’s now?
Technically we are in 121 bullish pattern in daily and weekly chart. However, the target of bear can extend to 1480. Our weekly candle printed as dark cloud and daily comex closed @ 1519. so give some kind of weight to it. This week there is fed meeting and this will pump gold up again. But How high? If we get “proper” pumping we can reach 1689 in no time and let the week close around it. So I am not expecting bear at least this week.
EW choice...!
The big drop considered as 1st leg of a triangle bullish. I prefer a triangle here because gold loves triangles to waste time not only that we need to print 4th wave. I strongly believe that this panic we spend in a time-wasting cage with a range of 200$.
If we get gap up today, FOMC’s initial reaction will be drop to close gap, probably set a new low to break the confidence of bulls and bounce back up. Safe trade with extremely low risk and have green Pips.