Gold (XAUUSD) Trading Guide

Finally, I am able to devote some time analyzing gold's movement, with complete channels and trend lines coupled with an Elliot Wave analysis at the current levels following the UK referendum which we all know to have resulted in a win by Brexit supporters by a small margin.

From my point of view, I believe that we are in wave (iii) of 3 of this cycle projecting to reach new highs, targeting the 1373-1463 range (using Fibonacci retracement levels). Note that any point within this range is considered a good selling zone. It is important to take note also that I am using the daily chart as reference for my trading plan.

Note: I use my published posts as a personal guide. Please trade responsibly.

Comment:

We are still on track. Breaking through the yellow channel, gold could possibly make a huge upward move towards the tip of the green channel where a retracement back to the blue trend line is possible.

Comment:

Possible top at 1364-1366 which is the top of the green channel.

Comment:

TP 1: 1370
TP 2: 1410
TP 3: 1460

If you notice, we're still hovering below the top green channel, which could be a potential top, TP 1, which is 1370. Next week would be make-or-break week for gold.

Comment:

Yup, 1373 was top. We also broke down from the yellow channel. We have the neon blue line as support. Let's see what happens.

The blue line is approximately around 1316 to 1320. Good luck!