Bulletins for clarity:
1. Overall count is an impulse wave vs ABC.
Justifications for an ABC:
1. C wave hits a corrective 1.236 ext with a completed 5 wave structure
2. B wave is a flat and separated by larger time than a normal wave 2 typically is
3. The count from all time high is coming down with 5 waves; Starts with 5 waves, ends with 5 waves, meaning...
After a price hike, gold seems to lack the energy needed to continue on the uptrend and should gain it with a short-term price drop.
It looks like the downtrend is going to the old uptrend and it might even break down to 1440$, Gold needs a correction to continue the uptrend, and I think we'll stay in a downtrend for a few weeks.
There could be a nice pullback happening on Gold. I can see a tweezer top forming on the monthly and while this is premature in judgement. I think we should look at the last recession for clues to how gold and silver will be manipulated if only temporarily.
Key price levels to watch are: $1518, 1447, 1367, 1290, and 1180.
This is not trading advice.
The monthly time frame shows strong reversal pattern with a breakout from the impulsive wave on the daily time frame. I expect price to retest the previous support around $1566/ounce (Now resistance) before going into LONG TERM short positions with a target of around $1180 to $1200/ounce.
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We are looking for a down move on XAUUSD ( GOLD ), if we get this one more push up or not, we will be looking for our sells only.
Our Weekly FOREX Forecast is published every single week on YouTube to help you be on the right side of the trade and on what could be the...
Day 8 and we are still at no man's land.
If this is a new interemdiate cycle it's starting very weak.
That's the main reason that I think we are still in the last IC which started on the 2nd of May.
We also lost the chance to have a medium long intermediate cycle ending on the 19th November.
It seems we are left translating in this last daily cycle and going to...
The market is changing and I just follow it, doing analytics and sometimes changing my opinion. The last gold scenario was bullish. But now the picture is changing towards a bearish scenario. Most likely waves A and B are finished. Wave C began.
So, I think good chance for SELL now
HEre is previous bullish scebario ...
America showing their weapons to put more and more debt to push their own markets again.
This is just a bubble, at the end of the day i expect markets closing at red again.
People are losing jobs and they can't go work for at least 2 months more.
Short this position.
The yellow metal found resistance by the 200 DMA within a pennant. That suggests a downside breakout would commence next week. In such a scenario, we'd expect another leg down for the precious metal.
I recommend you this time shorting during this week as i expected a downside move from GOLD in the stock markets.
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In the recent article I published on Gold "How Far Will the Prices of Gold Fall, $1000/oz", I made mention how XAUUSD is completing a major Elliot Wave pattern that could lead to a massive sell-off if the count is correct. Last week sharp decline on Gold as the coronavirus threat increased globally further confirming the setup.
In the daily chart above, we could...
As a trader you should consider your own risk:reward ratio and do proper lot sizing according to your margin and leverage level.
Not every idea is a valid trade.
This analysis is a trading idea, not a trading signal for you.
My own trend direction estimation, entry point, stop loss and take profit levels are on the chart.
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Asset: XAUUSD ( GOLD )
Buy Entry Price:1585
Take Profit: 1710
Stop Loss:1650(in order to secure our profit we have moved our Trailing stop to $1650)
Capital risk:$2000(4%) (Update-This is a risk-free trade now if Trailing stop will reach, our net gain will be $6563)
As we are publishing this short...