My Idea on Gold this week is to look for buying opportunities, also seeing a M pattern forming but we would have to see how this couple of candles closes, Ill keep on a look out if it reaches the 1550.00 zone if it breaks structure will have another whole picture
Hi Traders,
Gold is currently retesting key resistance between $1482 and $1487. I'm looking at this corrective structure as a triple three - X1 is showing an expanding flat whilst X2 is a regular flat. I'm expecting price to make one more push to the upside (to complete wave Z) and reverse between $1491 and $1499.
Regards,
Wave Theorist
XAUUSD Bounced off its support and potential rise further to its next 2 resistances.
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The chart suggests that GOLD will regain upward momentum after hitting a well respected support zone (indicated in yellow) and possibly continue up to 1516.00 price points with the possibility to continue further into record highs.
However, due to golds volatility today the possibility of a breakout of this zone is looking more and more likely, which could be the...
Two very similar structures appearing with a potential short!
BE EXTREMELY CAUTIOUS. THESE ARE ONLY IDEAS AND NOT A SIGNAL
I have entered the trade and waiting for this to play out
