Hello Everyone,
So, as per the previous posts, We are on the short side in Gold & now it important to watch that Will the gold give today's closing below $1304 or not. If below $1304 then $1285 will be the next stop.
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This is an alternative for a possible Elliott Waves count of Gold.
As shown in the chart decisive breaking and sustain trading above $1400 may pave the way for much higher gold price.
Gold shows good strength in uptrend, every pull back lower used by trader to enter in long side.
Now price reach critical juncture and near upper end of channel.
Trade below $1270 in 4 hour charts can push price lower either by profit booking or bounce in dollar index.
After G20 meeting and outcomes related to pause of trade war between US and China brings Dollar index to cool down from High level.
Technically Gold future continuous contract breakout from falling wedge pattern and to consider this breakout and price forecast it can rise up to $1261-$1266.
Now $1222-$1224 act as support.
