finitemonk

XAU/USD /Gold Wave Potential

FX:XAUUSD   Gold Spot / U.S. Dollar
183 0 1
This is my current understanding. A five wave descent completed early November 2014. It then jumped in a corrective wave to ~ $1300 to form wave (a). It is now completing a minor upthrust correction out of a triangle to form a minor c wave to complete b. In eventuality there appears heavy resistance at 1231 or thereabouts. It appears overall it's trying to form a H&S . To do so it needs to drop as expected with most $ x's. It may try to take out the multiyear lows, and have a crack at the upper 1000's. Being a very psychological marker and all other considerations, including sentiment and sustainable production price, generally considered to be around average of $900. After that we'll see ... But overall it has potential to form a sizeable triple three's wave, as CB             policies and other influences continue a sustained dithering / mixed messages.

Because there are significant multiyear support lines in the upper 1000's and the confluence of the descending channel it's being forced bit by bit into a corner.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out