In short term I see and try scenario - sell now with support\sl lvl 1658 and tp lvl around 1594
Not much to say here. Methinks most people have missed the storm. If you haven't tell us about it! LOL.
According to Bulkowski- 60% probability of downward breakout, 40% of upward breakout. As for downward breakout for a falling wedge, one of the worst performers, with 72% probability prices will retest breakout point (throwback). As for upward breakouts for falling wedges, far more likely to be fruitful with far better performance, according to Bulkowski.
Gold's third wave was normal(on Weekly). This will make 5th wave extended. Therefore, long is for sure. However, the question is where should one enter for min risk and max loss. I have used Ichimoku strategy to place my entry. SL just below the current low on daily. If SL hits we exit and wait for another re entry. And if everything works out as planned exit...
Gold in AUD daily chart- Still in uptrend.
WEEK 04: GOLD As you can see, our objective has been reached and price swept lows, where is our "eye". I am still keeping this idea and would like to see price reach $1570-1580 following with rejection, sell-off and fill in our too thin liquidity down to $1516-1477. I would change my LTF Bearish view, once we will reclaim support $1590-1600 level.
XAUAUD - This has to be the most telling of all sorties of all. While everyone continues to pile into trendy tech stocks operating in crowded consumer markets, harbouring astronomical debts, that make no profit, with PE ratios higher then Cheech and Chong. At the same time the unloved boring gold sector with low PE ratio businesses, no debt, free cash flow and...
We got a great possible buy for this pair where price has created a new HH after broke the descneding daily TL that lines up with a retest to a previous structure/impulse and the 61% fib forming a nice reversal candle and confirming all these with a 4th wave correction
Stop above right shoulder if you can even call this head and shoulders.
See related ideas from yesterday,
Analysis team placed short on XAUUSD @1468 with the intra day target @1465 on 19th November, 2019:
According to Bulkowski- Falling Wedge is an over all poor performer as far as bullish formations go, however it has a 68% of upward breakout. NB. since the formation is over 3 weeks old, it is a falling wedge and not a Flag and Pennant formation. thepatternsite.com
IMMHVWI - SEE VIDEO - leave your comments.
Gold in AUD- Compared with AUD/USD forex.
Gold in AUD - Falling Wedge (Bullish bias).