XAUUSD might continue it's rally to test the downtrend once again. It might then bounce back and start wave (y). I will be looking for a bearish reversal pattern to confirm the start of the downtrend.
My take on XAUUSD for the near future. Currently at the 50% fib, maybe reach the 61.8% mark or move close to the trend line around $1260. Then short from there down to new lows. hopefully DUST and JDST will sky rocket then when the miners drop. The dollar will need to move to new highs hopefully due to uncertainty about Brexit and the effect on the Euro and the...
Bullish case • Recent Impulse move with EW rules still in tact • Huge rally on Friday 3rd June, right at the 61.8% • CoT recently favorable Bearish case • Still in Multi-year down trend • Divergence w/ Failed breakout, now in favour of primary trend • CoT currently favorable
XAUUSD has completed WXY and now is up for wave. Correction is not over yet as I expect another WXY after this retrace.
$GDX breakdown of descending triangle with target of $18
Gold Miners (GDX) is at the very bottom of a major channel and could rise up before reversing the trend by completing a H&S pattern. If TP # 1 is passes, $25.50 would be TP# 2.
Must close >1,210.3 tomorrow to avoid it
the Dollar looks to be in a diamond reversal pattern (120min) and will climb the 120/240min cloud before pulling back, possibly to the lower 94s and then continuing up. the three day and weekly waves are strong, making this only a short term pullback... this could form a H&S reversal pattern on the daily and the dollar will begin an uptrend that was stronger...
With Gold correcting I can see a Bullish Bat pattern playing out. If the pattern fills, we can expect a low of $59 and then a 50% retracement higher to the $85 area or 44% gain. Wait for it to breach $59, then buy. Take the DUST trade now, IF you feel comfortable with the 3x.
$GDX appear to be going through another phase of bullish absorption of supply; however, in doing so violated the 2/1 Gann Angle. Law of Angle suggest that 3/1 angle support should be tested. This correlates with previously defined support 5% lower
XAUUSD has been in a bear market since it reached 1920.80. The bear cycle has the pattern WXY which it already finished wave W by reaching 1046.23. Luckily I didn't witness that period, I would had thought XAUUSD was going to moon before it collapsed :-\ XAUUSD is in X wave now, in a minor degree x which I set three targets for it as shown in the chart. Best Wishes
Gold is testing lower levels of support as market participants aim to price in a potential rate hike in June by the Federal Reserve. While intraday price action is oversold, the daily chart is indicating further selling could continue to below $1,230. If a close below this key level occurs, traders can expect XAUUSD to reach $1,215. Subscribers of MacroView's...