Majaliwa

Majaliwa

Seems like Gold is heading down to test the local support zone at wave 5.

Majaliwa

Seems the pair is tired and ready to make a bearish move.

Majaliwa

With fundamental news still not compelling may be we can look for wave 5 and corrective ABC.

Majaliwa

Simple analysis with Elliott wave to see if Gold can produce wave ABC as a local corrective to its long bullish trend.

Majaliwa

Hope some news from US might move the pair from this deadlock.

Majaliwa

We can check what price action will do when touch the channel zone. If it will print the bearish signal then we will know market will go to test the support zone (Bearish) If the market breakout at the channel zone then we should consider the Bullish rally with respect to channel shape.

Majaliwa

From my 1 Day chart simple analysis i see the bullish rally to this pair before the next week fundamental news from both UK and US - First target 1.4315 which is about 93 #Pips - Second target 1.4400 which is about 178 #Pips Since on 7th March we don't expect any significant news from UK which can move this pair, we will pay attention to some few average news...

Majaliwa

Take long position and close it when price hit 114.277 then if price break out wait for the last kiss then go long.