Gold reversed at 2.618 ext. of possible wave 1.
Possible wedge/ending diagonal structure completed.
Possible resistance level and 0.786 ret. of previous big down move up closeby..., so maybe not entirely finished yet...
Looking for shorts on the break of the wedge for confirmation looks like a good plan.
Possible wedge/ending diagonal structure completed.
Possible resistance level and 0.786 ret. of previous big down move up closeby..., so maybe not entirely finished yet...
Looking for shorts on the break of the wedge for confirmation looks like a good plan.
Trade active:
Short from 1274.38, tight SL above the high..., we'll see
Comment:
No strong retracement so far... so last short SL to BE to limit risk..., first one remains open...
If it continues up I will be watching 1290-1300-1313 next...
If it continues up I will be watching 1290-1300-1313 next...
Comment:
Changed my mind..., SL of last short to 1288 instead of BE, tight above the high, loss will be minimal if it goes back up but it has at least some room....
Comment:
Silver might give us a clue, the picture is clearer there, possible wedge...., this is silver layed over gold:
Silver idea:
Silver idea:
Comment:
Daily starting off bearish but still a long way to go before the close, especially with the rate decision later today...., we need a close and hold below 1275 first to get confidence on the shortside...:
Hidden bullish divergence on stochastics possibly pointing to uptrend-continuation...:
Hidden bullish divergence on stochastics possibly pointing to uptrend-continuation...:
Short added 1285..., will try to square or get first entry BE and leave last one open..., depending on what PA does up until the FOMC rate decision Wednesday...
Feels like fighting the trend though..., but on the other hand I think we could see at least some retracement coming up due to this:
We'll see...