finitemonk
Long

Gold/XAUUSD Waves and Channels

FX:XAUUSD   Gold Spot / U.S. Dollar
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Bullish . Corrective Wave. Broken out of down channel , price is finding support on Andrews Pitchfork parallels to climb.
I'm thinking the Modified Schiff median for potential wave A target, approx. $1210, above 0.382 retracement at $1205.35 (red arrows). The line has good history of price taps along it.
It got stuck today under the long term channel line that provided support to wave ( iii ) end previous.

Because:
1. it failed the November 2014 low at 1130.53 it looks like wave 1 of 3 ran from 19th Feb $1307 to $1142 17th March, then the current wave is 2 of 3, and so on. If so, say hello to gold at $ how low?
2. it's quite difficult to trade corrective waves well, there is good opportunity for intraday trades and scalps, using channel lines as support / resistance.
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