Correction against down trend

FX:XAUUSD   Gold Spot / U.S. Dollar
355 8 7
Similar to a few other ideas I've just published. This setup is based on fundamentals, specifically the Fed's rate hike, and a potential relief rally.

Gold             has sold off since Oct 15 without as much as a 23.6% retracement. Earlier today, the metal was unable to break to new lows and is showing a bounce accompanied by strong momentum.

Buying dips towards 1050 here is preferred as we could see pressure alleviate from the metal now that the fed is out of the way, as we correct higher against the down trend.
Comment: The high above 1080 completed wave A of circle C. If price falls below 1066 we may see a deep retrace as low as 1055 before turning. Setup is valid as long as Circle B wave lows are intact. The break to new highs in Silver (XAGUSD) adds further conviction to this setup.
Comment: Price retraced from 1080 highs and has reached 1060 in wave b. 4H showing some signs of holding. Adding to the position here. If 1060-1055 does not contain price, the setup is invalidated.
Comment: A lot of Tradingview members starting to post bullish Gold charts over the past 24 hours. As per the wave count, we are in wave C of C. So far momentum looks good and we have traded past the 38.2% fib, will hold on to the long position from 20 days ago, but will be watching closely for reversal signs, and ready to switch positions to net short if a clear signal presents itself.
Trade closed manually: Closing the trade here. As per previous comments, the wave count indicates it was in it's last legs. The daily and 4H showing some reversal signs. There's a good chance it can pull back and go higher again, so I'll be on the look out for another setup if one presents itself. In the mean time locking in profits.
4H Close above trendline confirms wave B is in place at 1060.
Updated Chart - 1060 Likely area for completion of Wave B
jhakas JigneshDavda
my view..

jhakas jhakas
wrong link...
jhakas JigneshDavda
opps wrong link.. here is correct

+1 Reply
daily chart... double bottom... as per elliot it didnt goes below 1046... so 1100 level possible..
Exactly. 1100 is a bit conservative, looking for higher than that. But still very immature in it's structure, need to see a bit more price action before getting a better idea of what it's doing. The wave count on the 5m & 15m show the first leg has already completed at 1070, so let's see what the pull back does for buying setups.
jhakas JigneshDavda
daily chart it created double bottom... so i dont expect it to break easily.. 1058 will remain buy on dip..
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