anilmangal
Long

GOLD Possible start of up trend.

FX:XAUUSD   Gold / U.S. Dollar
7959 24 201
Gold             has broken out of the ending diagonal (click on the chart pinned) and it has made an up impulse. It is in correction which might have finished as an abc expanding flat, so this impulse up could be the start of the next daily impulse.
We are in buys on the 4 hr             but expect a correction to come soon which would confirm the up trend.


Trade with care.
Thank you for your support.
Comment: 4hr view.
snapshot
Comment: Seems like gold is making a higher degree correction as expected, nothing new under the sun.
snapshot
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gold can correction till 1242 .........?
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A move back to the TL and then more upside looks probable; great chart as always Anil.
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great one anil
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Thanks Anil
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Thank you, Anil, great analysis! Personally, I suppose that this last up move from 1200 is the wave 5 of wave 1 (or A), and we know that in gold wave 5 is often extended and the largest in the whole impulse. So, it easily can rocket to the sky, isn't it? :)
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Not how i am counting it , but we will see.
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Where do you expect gold moving to? As it was said, correction to 1240?
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Since I look at structure and not price, I don't try to predict the price it could correct to ,rather I watch what type of structure it's making. A flat will be sideways while a zigzag will be deep.
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is better to wait to wait 1260 pullback and buy there?
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Normally, expanding triangle is the wave 4 of 5, in this case, wave 4 ended at 1200, 38% of wave 3. The wave in progress is the wave 5 of corrective wave A. 1289 meets the minimum requirement for short wave 5. But I'm happy to see if the wave 5 extends up to 1330.
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I don't see the 5 wave structure you are speaking about, I do have a different count but would be glad to see yours, please post a chart if you can .
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JayM anilmangal
Wave 4 ended at 38.2% of wave 3. Please have a look at my Elliot wave analysis.
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JayM anilmangal
snapshot
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JayM anilmangal
I guess, if there is no US rate hike today, the bull move of gold will continue and 1315 (50% extension of start to the end of wave 3 in my chart analysis) is the initial resistance. 1270 could be the supportthe support.
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Thanks Anil! You rock!
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According to this chat, do you suggest wave (B) is completed and wave (C) started?
Long View on Gold
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AGREED! It's been awesome so far !
XAUUSD: UPTREND CONTINUATION FOLLOWING PB
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JayM Tampax
Look at the pattern for past years; Gold was bearish after the rally in June and it didn't make any new heighs. I hope the same will happen this year too.
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Could that possibly be a killer c wave emerging? looks like a head and shoulders as well if im not wrong
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thank you!
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Couldnt agree more.
Thank you, buddy!
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Brexit withstanding here is my take on the near future.
XAUUSD a little more down and a bigger move up
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update ur vnew in gold for trading
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anilmangal TOP DipenBarot
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