Fib within a Fib. Major pattern engulfing minor pattern. Both bullish.
Minor exceeded 50% extension and now in play to challenge and complete major pattern. If price action continues bullish, expect to hit 50% extension of the major pattern. This rally could bring GCG17 to around 1214.
I wont speculate what FOMC will announce, but in terms of Gold...cyclically, will get smashed. Not until then...time is the most important factor here. My price entry may change due to price action leading into the turning point date. The date of entry is set in stone though. 17th or 18th is next top.
Notice how last year December has a similar pattern to gold right now. There was an initial spike up breaking the 10 EMA. Then for the next week or so, it was battling to stay up above it and constantly testing the 10 EMA. Eventually, gold re-traced back down to its low.
Today's gold movement appears similar. Watch out for the constant retests of the 10 EMA, if...
Gold is currently completing an eventual Cypher pattern. Although, the price has already gone quite low, it can break 1100 levels as the Dollar Index hasn´t yet completed the last move to the upside.
Nevertheless, due to a great Risk/Reward levels, small longs on Gold can be added as the target price is really high: I believe we can reach a 141.40% extension of...
Gold is currently consolidating and is in wave d or e of a triangle ( wave 4 ), We will enter trade once price breakouts the upper or lower trendline of the triangle.
As the market overall trend is down and our wave count is also indicating that prices will move lower, we are anticipating a move down to 1122 or 1110.
Let see how this plays, Good Luck !...
