Gold hangs around key levels after a potentially complete correction into minuette wave (b). Moreover, the rebound from this month low is inconclusive as we publish this. It looks overlapping and thus correcting but could still morph into a motive wave. The asset is approaching a trend intersection between the 1.5y contracting diagonal support and pale gray short- term trend resistance. We expect to see some elevated volatility in Gold soon.
We favor the black count as long as Gold remains above the solid black line. A dive below increases odds for the red count. Moreover, another drop below the dotted horizontal line shifts odds heavily away from a potential diagonal within the black count. It implies further downside as price action looks overlapping and thus corrective since 2016!
Either way, this looks like a setup for a significant swing. We're waiting for a retest either way in order to get on this trade here.
We favor the black count as long as Gold remains above the solid black line. A dive below increases odds for the red count. Moreover, another drop below the dotted horizontal line shifts odds heavily away from a potential diagonal within the black count. It implies further downside as price action looks overlapping and thus corrective since 2016!
Either way, this looks like a setup for a significant swing. We're waiting for a retest either way in order to get on this trade here.
Trade active
Trade closed manually:
This has been going nowhere... Right now, there are 50/50 odds towards both directions. We like high probability payoff profiles. That's not the case here.
We would reopen probably if seeing a determined selloff below 1282.
-0.12%
We would reopen probably if seeing a determined selloff below 1282.
-0.12%
selling 1292.81
s/l 1307
t 1260