Price action is a bit stuck and out of favor. Downside target's @ ~1725, ~1716 or ~1707. Upside target's - retest of last weeks high @ ~1757. If bull's get the upper hand and momentum pick's up, look for target @ ~1785ish.
As always, keep eye on Bond selling. Trade safe, be well... I'll keep you posted.
About Gold Next Week # A weekly 3-10-minute forecast video on Gold's price action on a weekly basis. I'll follow up with charts throughout the week as price action develops patterns and pivot reversals points.
Topics: Market sentiment, Gold Shares / Gold EFT's, DXY and US10/30yr bonds and yields
System: I use a hybrid blend of Wave Principle price action, Fibonacci ratios, RSI indicator and some fundamentals. Disclaimer: nothing talked about in this video should be regarded or seen as trade advise, a trade call, a recommendation, or a trade signal. Do your own due diligence or seek advice from a licensed professional before entering a trade.
Best Regards OmarDjurhuus
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Update!
Price action stuck in the mud. My first downside target @ ~1725, taken out and then price action spiked higher because of bond buying. Bonds and DXY have a grip on the XAU.
I still have all downside targets mentioned in the forecast video, valid.
If price action starts to develop a bullish flag pattern @ current levels, price action might begin the last C-wave.
Trade safe, be well...
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Update!
I mentioned in previous update, that a bullish consolidation after spiking higher from ~1724 on Tuesday could mean, that we would get the final C-wave up towards ~1785. XAUUSD trading currently @ ~1781 as doing this update.
There is room for more upside even if ~1785 gets taken out. Look at the Fibonacci extension levels @ ~1789 or ~1805 if bulls keep the momentum.
A nice Truncation / Double Bottom pattern followed up by a Bullish ABC counter trend pattern. Still have the development of the C-wave going on. Let's see if it will complete today?