waleedkhan
Short

Gold New Bearish Elliott wave Count

FX:XAUUSD   Gold / U.S. Dollar
526 6 2
*Please click and view the updated chart in the comments section*

For these 2 counts to remain applicable Price must not break the red or the black lines illustrated...


Target for 5th wave to be hit on support lines in the range between1242-1270.

Fib Ext levels 1252 and 1242.
snapshot


I don't know where the candles went in the chart above...but here is an update! Cheers & Good Luck!
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Gold/U.S. Dollar (FX:XAUUSD) 1288.88 6.49 0.51% SIR , WHY THIS CHART IS NOT WORKING LIVE , PLEASE REPLY
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waleedkhan arprasad
Hi A Ravindra; I don't know myself but I have updated a snapshot of what I intended to demonstrate; in the comment above this one...

Good luck & safe trading!
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arprasad waleedkhan
THANKS PLEASE UPDATE GOLD CHART & LATEST TECHNICAL NEWS
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This trade from 1291 has been working out great too... there still could be more downside. USD INDEX is looking very strong but a testing area is approaching which might put some pressure on it... Will be very interesting to see how it reacts at those levels.
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waleedkhan waleedkhan
Technically, the current sentiment of Gold is undoubtedly bearish and will remain the same until we don’t get a candle close above (the 50 ema) at $1294. The first level of resistance (r1) is on $1276; followed by the 2nd level of resistance (r2) at $1282 and the 3rd level of resistance (r3) at $1293. On the other side of the equation; the first level of support (S1) is at $1260, followed by the 2nd level of support at (S2) $1252 and finally the 3rd level of support (S3) at $1242.

My trade recommendation is to trade with caution and be mindful and observant of the support & resistance levels mentioned above. Typically nothing goes down in a straight line and hence the price of gold can retrace in order to test the resistance levels mentioned above. If you missed out on a sell entry then we recommend to wait until the resistance areas are tested again; however if price continues to move lower from these levels then you can enter the market after a candle closes below a support level.
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