Hello Dear followers,
I'm waiting the gold to reach 1340 zone to sell because many reason :
- At this level the bat pattern will complete and the price enter PZR ( potential reversal zone )
- The price near the triangle upper side.
- The RSI (relative strength index) indicates bearish divergence on The daily chart.
- Wait there and don't rush to sell now ......
I see sell pattern on Gold. So i opened sell order on 1313.66 SL near 1321.50 because gold can make last higher correction.
TP1 - 1308.50 RRR - 0.7
TP2 - 1305.60 RRR - 1
TP3 - 1297.50 RRR - 2.1
TP4 - 1277.00 RRR - 4.76
I do not hope that Gold will quickly reach TP4. But it really can and we need to know potential.
And if gold and USDJPY has negative...
Gold Trading around 1292 after making high 1298 on Daily chart 1300 level seems very Strong where weekly Resistance level 1309.Sell Gold in Range of 1291-1303 with sl above 1313 TP1 1262 TP2 1242. If Trade 100 pips Green move sl at cost.
completing wave (4) near 1234/1239 will trigger sell positions towards 1120 an ounce as a first target.
long term view: breaking below 1120 an ounce will target 900$ an ounce to complete wave (5) of (5) before turning north towards 1550/1600$.
Gold has made some interesting harmonic movements on the daily. Nearly 3 perfect harmonic movements (A-->B Retracement just barely passed the .61 level). We are overextended on the hourly, with declining volume, and approaching daily resistance levels. Short gold to .38 and .61 levels (C--->D retracement).TVC:GOLD
Bearish Gartley at 78.6% or bearish bat at 88.6% of point D.
Short once we reach 1304 price action.
Note: This is on daily chart. It might take weeks before we reach 1304 or it might just take only few days.