While I'm bullish about Gold long term, I'm counting a triple zig zag WXYXZ that needs to play out. The recent push up touches the 1.276 extension perfectly at the .786 retrace. From here I see price consolidating towards 1400 before resuming the uptrend.
I know a lot of people think Gold has broken upwards, but I think they'll be caught out. It's a game of patience however, and if you hold your longs you'll be fine in the long run. But for me, it's a good low risk place for a short.
Merry Christmas and wishing you a prosperous 2020.
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A little bit of sideways action today, but I think there is potential for one last push up. I've described my alternate count in the latest idea
@ptienne16, I mean there was a resistance around 5010-5015, not in the descending channel... After review, gold was overbought and I saw a divergence on the RSI just before the drop
Comfortably over the 1500 resistance and holding, however volume is still low due to the Christmas season, so patience and watching when normal volume returns will be key to the trend direction on Gold.
liquidcactus
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@jngforex yes indeed, patience is key and wise to wait until a reversal is comfirmed