Gold Losing momentum

FX:XAUUSD   Gold Spot / U.S. Dollar
2249 8 74
I am expecting buy setup near trend line . In case price break down channel trend line then i will look for change in structure.
Comment: Landing on our buying place watching price action on trend line. here is update.

Comment: This is how pattern and structure works. Here is update.

Comment: Get ready for another move up guys I hope you made lot Buck from Gold. Good Luck and happy trading.

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Hi WaveTrader,
Do you predict that this gold bouncing movement will be losing its momentum next month started by declining down ?
Yellow circle - area of interest #1
Green circle - area of interest #2

I agree with you that we are likely to hit #2

Same here - re your today's post
cant this be looked at as a flag.
i do see that the daily indicator shows that the next move might be a move down forming a 5 wave channel but if it breaks up will that invalidate this count and make it a 3 wave flag like this?
amazing! thanks
+1 Reply
Cheers mate
Cool - thanks !
Thanks for the update.
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