DaxonandDixon

GOLD LOOKING FOR THE 1900 LEVEL!!!

FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar

Hi
A bottom line was reached into the year 2015 and 50% fibo and price level 1047 after that, the price began to form an ascending triangle during two years until the completion of fifth Elliott- subwave and until the price achieved its bullish break and its impulsive wave of correction in the form of wave B.

The triangle TR projection has been reached, executing a false bullish break with a large bearish fall close to the support of the target of said triangle.

I see a searching for the price level 1790-1800 as very possible in the coming weeks, this level being more than likely resistance that will probably not be overcome immediately, yes, once overcome and converted into support, I consider that the price will go to look for his cycle ceiling at level 1918, fibo extension 361.8% and wave B completion.

Cheers!

P.D:
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