traderWgun

Two levels to keep in mind

FX:XAUUSD   Gold/U.S. Dollar
The market has moved lower after putting in an bearish engulfing
on the daily as my previous idea suggested.
Flat done?


I still like the idea that gold             has completed a flat at 1391
and is now moving towards new lows below 1180.

I have two views that I would like to share.

1. BLUE - We are in the 2th leg of wave 3
which is taking the shape of an complex zigzag correction.
A break below 1295 ( the start of wave y) would confirm
that wave y is in place and that we should move lower.

2. RED - we have completed a three legged correction
and are now in a new impulsive move to the upside.
Wave 1 in this move was a leading diagonal .
A break above 1343             would confirm that we have
completed three legs to the downside and should
see new highs.

MY PERSONAL VIEW

I still believe that gold             and FX Commodities are going to
make new yearly lows (except for cad?).
I'm short for now against 1343             .

You can follow all my demo FX trades at http://www.myfxbook.com/members/tlkemmy/demo/854232
Good luck.