huntingsniper

Will the Gold Shine?

FX:XAUUSD   Gold/U.S. Dollar
45 0 1
Gold             has been in a (A)(B)(C) correction since it peaked in Sept 2011 and is in the final leg of forming an ending diagonal ( falling wedge ) as the 5th wave of wave (C).

Current price is right below the lower trendline of the falling wedge . A Fib confluence support area (1066-1069) is right below the last major lower (1071.28). The candles of last two weeks show long tails and Stock is oversold, which may suggest a possible reversal.

I would go long once the price closed above the lower trendline of the falling wedge with a near term target of 1135 or go short once closed below the fib confluence area with a near term target of 1040
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