I personally see a typical post bubble retracement, who knows if I am right :) the initial huge wave (up to 2000 ish) is clearly made of 5 waves, having the 3rd ending in a perfect fib extension value- the down move ,the way i measure it, also respect Fibonacci values creating a 5 wave to the downside (called wave A) which finishes with an ending diagonal. wabe B, where we are now basically, looks like an WXY wave and it's very possible that already topped out.. If I am right, we are going down to 2 possible levels: the orange box around the 800 ish or, the 600 ish, which will create a perfect C wave: a 1 to 1 extension of wave A
I would give it , possibly but not surely, little more margin to the upside (the algorithms love to break the 0.618 Fib level to trap the long algos :)
I'll try to post soon a short tern view if anyone is interested ?!
Wish you all a nice day !
p.s. These are not financial advises.. I'm not a professional: just here to have fun and meet people :)
Dude, we are entering in global recession, do you think people gonna start sell gold? o.o
OmarPiane
⋅
@ArnauMaldo, hi.
first of all I don't believe that the price in any market is made by people, big investors (whales) make the price.. we are a drop in the ocean and our effect is like throwing a stone in the pacific.
Second of all, If there is a real recession people of course will sell gold to get cash and buy things.. you don't eat gold.
Third point: in USA is allowed to buy and sell physical gold and other metals, but are you aware that in Europe and many other countries is not allowed (you can buy jewelry only, and when you resell them you can do that only to specific approved licensed places that pay your gold half of the price?)..
OmarPiane
⋅
@OmarPiane, P.S. I don't trade fundamentals, only what I see on the charts