Gold 27, March 2017: Upside close to maturity
From my calculations, Gold may be close to topping and its currently sitting within a pullback of wave v. There's a price symmetry of wave ii and wave iv in that its both $14 worth. Wave iii is the extended wave, which means wave v should be hitting 1:1 of wave i at around $1240+$16 = $1256/57.
Problem is if 5th is truncated, which is common, then gold would've already reached its target last Friday at 0.618 fib tp (1250.87). I'm rather keen on taking a long with SL 1238 - but lighter positions. The black line on the chart indicates 2017's Yearly pivot so I'm rather conservative in shorting unless the red arrow path plays out or wave v hits 1257/67 climax high.
Though I don't expect Gold to break 1195, I do expect the monthly candle to close red.
Problem is if 5th is truncated, which is common, then gold would've already reached its target last Friday at 0.618 fib tp (1250.87). I'm rather keen on taking a long with SL 1238 - but lighter positions. The black line on the chart indicates 2017's Yearly pivot so I'm rather conservative in shorting unless the red arrow path plays out or wave v hits 1257/67 climax high.
Though I don't expect Gold to break 1195, I do expect the monthly candle to close red.
Trade closed: target reached:
Just waiting for next targets to hit now. 1267 is the best lvl to short because of the fib ratio and frees up liquidity for month end close. We can keep longs from 1195-1200.
Comment:
March monthly candle is over and in red as it should be. Typically gold recovers tries to make a recovery for the weekly candle but if loses 1239 I doubt bulls can pull it up.
Comment:
Ignore previous comment - monthly candle still in play.
Comment:
This could be interesting:
