Daily time frame: Gold can be unfolding a higher degree wave C), as part of a bigger A)-B)-C) structure, out of a previous triangle correction. Wave C) is an impulse and may unfold five-waves to the upside, before resistance for wave C) may be seen, and a change in trend may follow. At the moment sub-wave IV of C) can be unfolding, and can look for support near the 14000 psychological region.
4h time frame: Sideways price activity on gold from 1439 region can be a possible triangle correction in the making as part of an uptrend, and can look for support near the Fibonacci ratio of 23.6 (1390/1400 region). A later rally in impulsive fashion (clear, five legs), and above the upper triangle line would suggest a completed consolidation, and more upside.
Projection target for the fifth wave can be around 1460/1470 area.
Have a great day everyone!
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Gold nicely breaking our of a triangle in wave IV. Ideally we will see 1470/1485 region next week.
Trade well!
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Gold being super busy with new gains... However some resistance can follow, as we are tracking final stages of a five-wave move! Eyes open, and be careful.
I agree with your assessment, but think it will happen at a frustratingly low pace. We have already experienced that in that in the last few weeks - where every time we think gold is going to “blow”, it then collapses back to a level we hoped to never see again. It is noticeable that the selling happens mostly when the US markets are open, implying that it is gold miners who need to be seen to active hedgers. They don’t want to be accused of missing a rally, so they sell every rise.
TradeItAnyway
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Anyways .. what are the levels for triangle invalidation in case broken ? and which level needs to be broken to validate the triangle ? this would be helpful .. in between let the market do its mess :)
TradeItAnyway
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Okay suppose the scenario is right .. shouldn't waves ABCDE inside triangle be 3 3 3 3 3 ??
ew-forecast
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@Fx_Grow, They should be in theory, however not everything is precise. Look at what the market is doing, and you'll see it.
Take care
s3oudi11
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are we still long ? may i enter now @ 1423 . Where SL ? Thanks alot
Still it can be a reversal triangle .. or instead of triangle .. bull flag .. in the flag or descending channel h4 .. and we are WXY .. ABC followed by ABC .. we did B yesterday.. now C is progress and might end around 1360+ area.. anyways today market will validate charts ..thank you