motleifaul

Where are we?And if yes - why not?

FX:XAUUSD   Gold / U.S. Dollar
318 1 0
I suppose that we are at the end of the yellow ABC. This will result in lower Gold             until mid November. I prefer this as we are just under the cloud and at the upper line of the falling Schiff pitchfork .
A bullish scenario would be that we are on the way of violet CD which would take us almost up to the 2 year old former major support from where the previous long term uptrend had ended in April.
I suggest that the price will move towards the yellow D first and perhaps will stop at p and the will move up towards an imaginary violet D that will be somewhere near the blue "Durchbruchslinie" preferabely below 1500.
Everything developes as expected. Gold is on the way towards point D. As it is almost reached even exactly on the date expected I prefer to take profit now and enjoy the fruit of my labor.
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