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.
Federal Reserve Chair Janet Yellen said more interest-rate increases will be appropriate if the U.S. economy meets the central bank’s outlook for gradually rising inflation and tightening labor markets.
GC has been oscillate btw 1200-1220. Recent two day's rally is largely due to FOMC remained interest rates constant and that drives Gold higher + the uncertainty that Trump will bring on H1B policy. Expect to see GC back to 1205-1210 again in couple few days.