zhipengcfel
Short

Elliott wave analysis on Gold (2016-04-18)

FX:XAUUSD   Gold/U.S. Dollar
Two weeks ago I made an elliott wave anslysis on Gold             .
Elliott wave analysis on Gold
Unfortunately the price was rejected at 1262.6. If we took a look at DXY             which might rebound more, I think that wave (4) of Gold             does not finish yet.
DXY finished the correction wave (4)-A
Gold             might rebound to 1243~1246 because of the earthquake tragedy in the world. It will give a good chance to trade the wave C.

Trading setup:
Go short at 1243~1246 with SL at 1253
TP1: 1224;
TP2: 1215;
TP3: 1190.

Notes: The price is getting supported at the rising channel. Break out of the rising channel will confirm the decline. Otherwise this analysis will be invalid.

Good luck for everyone!
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