VRShaiju

Gold is Bull | Where to Buy?

Long
FX:XAUUSD   Gold Spot / U.S. Dollar
Gold back into bullish again. But where will I buy next. 1570 and 1555-60 there are the two critical levels of buy with tight stop loss.
Why those two targets?

Fundamental Reason
  • Corona Virus cause uncertainty in the economy and stock market react at very late. Let’s say after the 1st quarter of the year
  • China is 2nd largest economy builds upon “cheap labor”. if labors are sick no product
  • FOMC meeting minute release (expecting much better dovish tone)

Technical Reason
  • Resisted by falling trend line @1584
  • Bullish Elliot wave triangle which can be B or wave 4
  • 121 harmonic patterns in 1hr chart. Support @ 1570
  • Bullish Cypher @ 1555-1558
  • Bullish Elliot wave Triangle support @ 1555

I am expecting following price action throughout this week
  • Monday – Bank holiday (range mode) - Doji
  • Tuesday - Manipulation day/Relief day (dark cloud bear candle)
  • Wednesday – Anxiety and disappointments (FOMC SL Dinner + beef stack) (doji/hanging man)
  • Thursday – Revenge day (Sun rise in the East)
  • Friday – Horns break the shorts.! (Whole sale shorts auction on eBay)

Have green Pips

Note: If the both two target failed then only we get 1539. It's very hard to break 1560 at this time.

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