smartstep78
Long

GOLD- CYPHER COMPLIMENT BUTTERFLY

FX:XAUUSD   Gold Spot / U.S. Dollar
232 15 4
GOLD             PRIZE MAY FIND SUPPORT AT 1269 AREA
Comment: BUT CAN EXTEND UPTO 1267 AT 0.886 FIB
Comment: WATCH GOLD!!!
My admiration for the acurate forecast. What should be expected rom now on?
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Thank you, as you see dxy is bearish so it all depends on dxy.. gold may continue higher if dxy breaks 93.60
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smartstep78 PRO smartstep78
our taget of 1292 still can be rached. I will see if any pattern emerges to short gold at 1292 area
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fhsk2001 smartstep78
@smartstep78, Thank you. I will follow your forecasts. I have short at 1280, TP=1266,SL=1295.
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You mean the butterfly billish patern. Could you please elucidate how much uprise should we expect after such a pattern?
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NORMALLY ANY PATTERN COMPLETES I LOOK FOR PRIZE TO TURN FROM 0.618 AREA BUT IN THIS CASE I EXPECT DSOME NEW PATTERN TO DEVELOP ONCE THE MARKET OPENS , I STILL BELIEVE 1290 WILL BE TESTED BEFORE IT CAN TURN DOWN..WHAT IF IT BREAKS..SO WAIT FOR MARKET TO SHOW DIRECTIONS!!!
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The correction should go to 1240. The point is the how will go there. As beginning we expect some volatility zone in 1270-1280 range and after that should break 1266 and 1262 supports.
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THIS BULLISH PATTERN COMPLETES THEN WILL GO LONG, IF IT DOESNT WILL GO SHORT TO 1251 AND 1240..SIMPLE, ALRIGHT
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But saw channels downward. How come you are long. Meanwhile have seen the latest COT report?
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YES THE DOWNWARD CHANNEL IS CORRECTION. MY DILEMMA IS WHETHER THE CORRECTION ENDS HERE AT THE UPWARD SLOPE CHANNEL OR WILL IT EXTEND DOWN TO 1240-45 AREA
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