Where is The Gold Price Going? XAUUSD Analysis by GBM

Short

Gold Spot / U.S. Dollar (FX_IDC:XAUUSD)

Updated

FX_IDC:XAUUSD Gold Spot / U.S. Dollar

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So the big question many of my clients have been asking is, where is the gold price going? Well contrary to popular belief, I believe that we may see a strong move to the downside before we see gains in the price again.

There has been a structure break to the downside on the daily time frame, after a 3 wave completion:

There has been a repeat of this on the 4hr chart:

I entered the short on a smaller 1hr flag break and have set a target based on the initial impulse of the current 3 wave move on the daily time frame. At that level I will wait for confirmation of either a continuation to the downside or a trend change.

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Comment:

I expected to see a corrective structure on gold before the downward continuation. There was a 3 wave correction and then a break of that to the downside.

I expect to see a small consolidation around the current levels and then a move towards our target area. You can view the chart here:

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Comment:

The Gold price is trading at our initial target area. I am moving my stop loss further into profit.

I am not closing this position at this target level because I have further targets to the downside. I will wait for confirmation of a reversal in terms of a smaller structure formation before closing this trade. Alternatively we will see a continuation to around the 1180 level.

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Comment:

Target at 1217 hit perfectly.

Waiting for confirmation of direction from here.

Happy trading!

Trade closed: target reached

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