After completing a double Zig Zag type of correction (discussed in my previous post) Gold now seems to be going up in an impulse, however the currently it seems to be in Wave 2 which looks like a Zig Zag indicating that prices can head lower from 12000 to 1175 region.
This is the main count as of now and the leg one seems to be a Leading Diagonal, other counts...
Gold in short term correction before the big drop .
As we see on the first quarter of the year all major indices still in rallies and not stooping making new highs ,That reason not giving the yellow metal opportunity to make new high level prices ,but that is not too far from now.
Trend is Down and we are facing a correction until 1230$ per once
A potential bullish shark pattern is forming at XAUUSD with target 1 at the 0.382 retracement and target 2 at the 0.618 retracement. For more conservative traders, I'd suspect the target at 0.236 retracement – which is a RR of 1:1.3. S/L goes right beneath the previous outside return at 1170.744.
For some more risk of being stopped out but higher RR ratio, you...
Gold Trading around 1232 level after drooping toward 1223 its hold support and push up toward 1235-36 level
on Daily chart Gold holding strong support around 1218-1215 level breakage of 1215 may call for 1180-1155 as its holding above 1215 chance to move toward 1264-1280 level.
Advice to buy in range of cmp 1232-1223 sl 1213 TP 1264
Risk Management guide :...
Greetings,
As you can see in the chart we have a nearly completed bat pattern(orange) and are currently waiting for a retrace to D for our entry. My expectation is that its profit target(B) should be forming the second pattern, namely the head and shoulder pattern.
Normally you would wait for the break of the neckline but the probability here is high enough in...
I'm already in long, but since I had this charted for someone else, I thought I'd publish.
GOLD rallied Friday and looked to be completing a bull pennant pattern at market close. This is as "textbook" as a pennant pattern gets, and sitting there all weekend gives traders a chance to notice and set orders.
There may be a little chaos on market open, but I think...
Trump speach before congress had a nice effect on the usd and gold react accordingly , went strait back into the 1220 battle zone the got vilently faught back out of it . I mean this kind of candle just mean reaction and the next support to the up side would be the 1240 1245 zone for completion of an nice head and shoulder pattern . If those price manage to...
Buy gold at spot.
Add at key levels: 1205, 1180, 1150.
Hedge with shorts on AUDUSD, NZDUSD, GBPUSD (since these are risk-on trades).
I think this will be the perfect way to play 2017 - long USD, long gold.
In the previous post I discussed how both the main and the alternate counts were referring to the same fact that a rally in Gold was possible.
Here I have discussed the same count on hourly time frame and it seems that we are in the 3rd or the 3rd of the 3rd as per this count.
I have given the hypothetical wave progression along with the Invalidation mark which...
We can see 3 potential zones to reverse Gold back to uptrend
(50% , 61,8% and 78,6%+trendline)
We also see double top structure, which means that after
break we can see clear move to 1260 area
Dont forget to trade with proper RM/MM and caution.
