As we know we got the closing price abound 1590 in January. At the 1st two trading days of Feb we lost 40$ of it's value. It means there is no bull in this Month. However if some one interested to buy gold there are certain area that we can choose as most low risk areas. That is 1518
1518 offer a great deal of support by fib confluence and yearly open areas. There is also a channel support for bull flag. Bulls back up by the Mid of Feb certainly cover all it's gains by the last week of Feb. The mid week bull can be push the price upto 1572 and bears can push it back to 1494 in just 5 days. That gives a strong feel of disappointment in the bull market. Kind of price actions are common in every bull market.
Keep in mind that the quarter ends at March that will close the price back above 1590. So March will be bull month that run over 100$ certainly never come back to 1500 mark in this year. I believe the extension of the 3rd wave begin around 1494 to 1800 by early March.
Thanks for your time
Note: this analysis based on Elliot wave principals, and there are always an alternative scenarios applied in this strategy which is a bear swing that ends around 1250. I am least bothered about it at the moment.
1518 offer a great deal of support by fib confluence and yearly open areas. There is also a channel support for bull flag. Bulls back up by the Mid of Feb certainly cover all it's gains by the last week of Feb. The mid week bull can be push the price upto 1572 and bears can push it back to 1494 in just 5 days. That gives a strong feel of disappointment in the bull market. Kind of price actions are common in every bull market.
Keep in mind that the quarter ends at March that will close the price back above 1590. So March will be bull month that run over 100$ certainly never come back to 1500 mark in this year. I believe the extension of the 3rd wave begin around 1494 to 1800 by early March.
Thanks for your time
Note: this analysis based on Elliot wave principals, and there are always an alternative scenarios applied in this strategy which is a bear swing that ends around 1250. I am least bothered about it at the moment.
