Finally Gold has started to move in that bullish move that we have been expecting for a while , support lies at 1182 and target zone is at 1250.
The overall pattern is looking to be double zigzag.The wave count in Euro and US Dollar index DXY is also supporting this, US Dollar is about to finish last leg of bearish correction , hence GBP, CAD , EUR , AUS and Gold...
So the bearish ending diagonal in 15 minute chart is over , which is also the end of complex flat on 2 hourly chart. The Bullish trend has resumed, at least we are going to test the top of the sideways corrections from last few days ; 1210 .
The price action at that juncture will lead us if the prices are going to continue up or not.Have a good one , keep an eye...
The long awaited pullback in gold is in the making.. !!
There is still a bit more room to the downside but I don´t see gold falling below 1,240/1,250 USD anymore..
The perfect buying spot is getting very close...
Our patience is paying off.. get ready to load the truck!
gold hot a very important low at 1303 which represented 100% fibo expansion for three corrective waves.
we started final impulsive wave 5 probably in an up channel which is done with the lows and its time to go long targeting 1420
today is ADP employment and Friday non farm payrolls we expect upside momentum,
Gold did indeed continued its correction and reached a low at 1,260 USD on Friday the 6th of October. I hope you followed my advise and went long below 1,265 USD, cause since then a strong recovery is on its way and gold is already back above 1,300 USD.
Yet the big questions whether this current up-move is just a wave B type recovery or in deed the beginning of...
Two scenarios for gold:
1. Since the top at 1,357 USD gold is in a correction which usually turns out to be some form of ABC-Correction.
If we are still in wave A, the following wave B should take gold back above 1,300 USD. Probably to around 1,315 USD..
After that expect another wave down which might not end before prices around 1,215 - 1,205 USD are...
As expected gold continues to trade between 1,200 USD and 1,300 USD. The recent strong recovery from 1,215 USD up to 1,295 USD just two days ago was a bit surprising as we´re getting close to the FED meeting next week and seasonality is not really favorable in spring.
But gold is showing more and more strength and has already been breaking out above its...
Multi-month agonizing sideways consolidation in FX_IDC:XAUUSD continues.
Main scenario: Gold can hold above $1,300 and will soon start the next leg up towards $1,415 - $1,430.
Worst case scenario: Gold is breaking the trend-line and corrects towards $1,262 - $1,295. That would be a great buying opportunity.
Only below $1,255 new bull market gets into serious trouble.
Gold has been consolidating over the last two and a half months. It did everything to confuse everybody.
But besides all this short-term noise there has been a very important and extremely bullish development.
The Slow Stochastic Oscillator is sitting with both signal-lines above 80 for more than 3 months now and has therefore converted into the rare embedded...
After getting a break in the Weekly channel for XAUUSD , and a break in structure at 1232, I have very bullish sentiments on gold. I'm expecting a retest of resistance at 1307, 1345, and potentially 1391.