EMA: 130 and 50 EMA recently found support at $1,280 which also coincided with the 100% extension.
RSI: Overbought and crossing through an extreme of 80.
Stochastic: Passing through the 80 with momentum into 90 using a 21-price range setting.
Wave Count: Currently on a sub wave 5th wave of the overall third wave.
Fibonacci Retracement: -
Fibonacci Extension: Approaching the golden 161.8%
Yellow Prediction: Preferred scenario. We are looking for a correction of the current extended third wave. This could be possible up to price $1,380 or slight above.
Teal Prediction: Second scenario to support golds rally would be to continue straight into the $1,380 price point which I believe is only likely with some sort of correction along the way.
The verdict: I will continue long until $1,320 at which I am looking for shorts.
The risk: This powers through into $1,380 with no value to re-enter.
Disclaimer
The information provided on this article/post is general in nature only, and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this article/post you should consider the appropriateness of the information having regard to your objectives, financial situation and needs. Therefore, before you decide to buy/sell or amend any product or keep or cancel a similar product that you already hold, it is important that you perform your own due diligence, understand the risks involved, read and consider the relevant Product Disclosure Statement (PDS) of the product provider to make sure that the product is appropriate for you. Before making any decision, it is important for you to consider these matters and to seek appropriate legal, tax, and other professional advice.
RSI: Overbought and crossing through an extreme of 80.
Stochastic: Passing through the 80 with momentum into 90 using a 21-price range setting.
Wave Count: Currently on a sub wave 5th wave of the overall third wave.
Fibonacci Retracement: -
Fibonacci Extension: Approaching the golden 161.8%
Yellow Prediction: Preferred scenario. We are looking for a correction of the current extended third wave. This could be possible up to price $1,380 or slight above.
Teal Prediction: Second scenario to support golds rally would be to continue straight into the $1,380 price point which I believe is only likely with some sort of correction along the way.
The verdict: I will continue long until $1,320 at which I am looking for shorts.
The risk: This powers through into $1,380 with no value to re-enter.
Disclaimer
The information provided on this article/post is general in nature only, and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this article/post you should consider the appropriateness of the information having regard to your objectives, financial situation and needs. Therefore, before you decide to buy/sell or amend any product or keep or cancel a similar product that you already hold, it is important that you perform your own due diligence, understand the risks involved, read and consider the relevant Product Disclosure Statement (PDS) of the product provider to make sure that the product is appropriate for you. Before making any decision, it is important for you to consider these matters and to seek appropriate legal, tax, and other professional advice.
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The information provided by Traders Mission is for educational purposes only. All information is provided in good faith and is not financial advice.
Twitter: twitter.com/TradersMission
The information provided by Traders Mission is for educational purposes only. All information is provided in good faith and is not financial advice.