FX:XAUUSD   Gold Spot / U.S. Dollar
155 2 4
Gold             has not yet broken out of a potential triangle to follow it's silver             partner. Will it break out overnight? I do not know. Doesn't have to follow silver             right away - divergences between the two do happen - but support IF price pulls back is around 1260/1276 as shown.
See earlier ideas for bigger Elliott Wave counts.
I think gold will drop to 1300 region before a new big movment.
Checking silver H1 chart, I think that price will reach 19.00 and then go down, as it seems to be the 5th wave.
If gold and silver are correlated, and if silver can drop from 19.00, then gold can break up this triangle at the first moment, but it will go down next...
Can still go lower. Anything is possible. I'm looking for probable trades. Gold over 1356 makes immediate downside much less probable.
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