Loii

POTENTIAL BIGGER RETRACEMENT FOR GOLD.

FX:XAUUSD   Gold / U.S. Dollar
516 6 11
We broke this daily bullish channel which means this bull is now invalid on my chart. Also last week a lot of bullish harmonic patterns and bullish Elliot wave count patterns have failed. The only thing we can trust now is price action.
It is normal for a bull market golld rally to have 38-61% retracement before continue its bull run. so i see gold             potentially making deeper retracement to the area of:

$1190
$1165
$1135
these are rough estimates based on fib levels,
My trade plan this week is to just trade the movement on friday nfp and also wedn adv             nfp. And close for profit after ny session.
Comment: If this daily candle closes within the daily bullish channel, Gold should still be bullish and we wont expect a bigger retracement, so its very dependant on today's daily candle.
It is still bullish as far as above 1200... nearest targets are 1241 and high..
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Loii newbie2016
Yes if we can go back into the daily channel my view is still bullish.

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it has bullish pattern so i think we will visit 1225 today... it has taken out stops by going below thursday low and jumped up.. so thats another bullish signal.
Reply
Loii newbie2016
i seen many harmonics and bullish elliot wave count failed last week. so we cant be too sure. this week its best to take a reactive approach and trade the trend instead of prediccting trends and entering trades before nfp. i do have a small long position till $1240
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I am not trading harmonics.. 1218 is key level.. that gone it will again towards 1224 and high!
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newbie2016 newbie2016
so gold tested 1218 with spike and taken down.. successful break will take it towards 1224 and above 1232 for today..
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