UPDATED: 2 SCENARIOS FOR GOLD
two potential bottom:
$1230
or $1180
both scenario seems equally possible. so if you were to buy at 1230, make sure you use tight sl @ $1224 or so.
I will long at $1230
two potential bottom:
$1230
or $1180
both scenario seems equally possible. so if you were to buy at 1230, make sure you use tight sl @ $1224 or so.
I will long at $1230
Comment:
only small long, if 1230 breaks i will short until 1181 and then long again near there
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im trading this plan
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1205 is also a potential bottom if 1230 doesnt hold
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I am sticking to the 1230 bottom scenario
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tp1 is $1230, tp2 is $1205
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potential bottom 1209, 1205, 1200, 1191
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tp1 at $1230. i long for retracement until 1235-1238 and then ill hold the rest of my shorts until 1205
Comment:
possible the retracementfrom 1224 to 1230 is done and we might be ahead lower to 1205
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potential bottom:
1205 (38% retracement)
1192 pivot/top of cup and handle in oct 2015
1183 elliot wave bottom
1175 50% fibs retracement
1205 (38% retracement)
1192 pivot/top of cup and handle in oct 2015
1183 elliot wave bottom
1175 50% fibs retracement
Comment:
1205 did not hold so we might see a deeper bottom. my best guess is 1175 since we got 1-2 more weeks of bears
Comment:
1200 could be a potential bottom but i expect a higher low or double bottom next week. at $1210 or so. i will long small there and accumulate positions from there.