Xanrox

GOLD - last crash, then a new all time high! (buy here)

Long
Xanrox Updated   
OANDA:XAUUSD   Gold Spot / U.S. Dollar
GOLD is probably preparing for a last small crash to the main support of the expanding triangle in the major timeframe. This is a great opportunity to buy GOLD at the bottom of an expanding triangle because it is also in confluence with the 0.382 Fibonacci retracement. This Fibonacci level is very strong together with 0.618 because 0.618 + 0.382 = 1. You can buy gold here, or enter a long position on futures with leverage to increase your potential profit. 

You probably know that I am very bullish on GOLD for the next few years and expect at least a double in price. After many years of sideways price action, GOLD finally broke out and made a significant new all time high. GOLD seems undervalued and should go higher. 

It's always important to look at the Elliott Wave analysis, as it gives us a better understanding of the whole market structure. Where on the map are we currently? On the chart, you can see an impulse wave (12345) and after such move we can expect a corrective structure, such as ABC or WXY. Usually, you want to take a Fibonacci retracement of the previous impulse wave and look for 0.382 FIB or 0.618 FIB. I don't think GOLD will go all the way down to 2155, that would be pretty bearish after the previous breakout to a new all time high.

Buying gold at current levels is definitely a good idea, but if you want better price and timing, I would take the 0.382 FIB. This will also increase your risk-to-reward ratio.

Let me know what you think about my analysis, and please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.
Comment:
Gold is dropping, expect 0.382 FIB to be hit probably next week.
Comment:
Another pattern we need to take into consideration is this bullish falling wedge pattern.

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