Gold should now collapse potentially as early as next week.
A possible short lived rally to the 61.8% retracement level at 1285 cannot be ruled out but then it will ultimately collapse to below it's current support level of 1257 to the 50% fib at 1174.93.
The AUD correlation gap grows wider and only hastens the correction.
I already have a short position in gold but with the current us dollar index rally and the gap widening even more I am now looking to add on a break below 1257.
Good Luck.
A possible short lived rally to the 61.8% retracement level at 1285 cannot be ruled out but then it will ultimately collapse to below it's current support level of 1257 to the 50% fib at 1174.93.
The AUD correlation gap grows wider and only hastens the correction.
I already have a short position in gold but with the current us dollar index rally and the gap widening even more I am now looking to add on a break below 1257.
Good Luck.
Comment:
Gold retreats from the 61.8% retracement level as expected stops placed above HOD.
Comment:
Stops lowered to just above 1270
Comment:
Took 50% off at 1245 letting the rest run stops still just above 1270.
Comment:
Next leg down has begun.
Comment:
Gold nearing target will start looking for a long entry