Gold rallied quite steadily over the past few days, as momentum weakening across short term time frames, I’m seeing scope for further sell off here since it broke the uptrend line as well.
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Trade closed manually
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Market reached 1331$ area and bounced, closing out the trade.
Nice trade ! We could have one more swing down, but i doubt it. In any case dont think it will go to 1325 .We are consolidating above the 50% RET now. Will see if it holds.
Enjoy your analysis!
UmarAbdurRehman
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@etfsandstuff, As i see reversal signs on the higher time frames, could be more interesting if it tests 1365 area,
etfsandstuff
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@UmarAbdurRehman, 1365 will be interesting indeed ! Looking forward to trading this level.
etfsandstuff
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@UmarAbdurRehman, I see this as an expanding running flat correction (megaphone style) which is super bullish. The selloff this morning was significant but did not break the trend and is even even more bullish if we break the high of that correction. The 165 area you identified is significant (160-167) and will most likely be a good short area i agree but i believe we are setting up for a larger wave 3 up after this is done working its way out. Im looking at long positions here.
Enjoy your analysis!