The Rally from $1180 to 1433 is only three wave move. ABC Move is corrective and counter to the major trend as per Elliott wave principle. The Sell off begun from 1433 area is impulsive in nature which must be wave 1.
From the classical point of veiw daily gold is going with lower band of bollinger and MACD has turned negative. They both indicating weaker gold in the weeks ahead.
We recommend to take short position below 1300 area for 1180 or below with stop loss at $1320. Take positions as per said level only.
From the classical point of veiw daily gold is going with lower band of bollinger and MACD has turned negative. They both indicating weaker gold in the weeks ahead.
We recommend to take short position below 1300 area for 1180 or below with stop loss at $1320. Take positions as per said level only.