after breakout gold has made its correction. since it broke the trend line after 5 wave correction and did not breakout up so there is huge probability it will go down. if 3 wave goes down than sell price target will be 1547 and 1528
the primay trend that reversed at $1920 would have completed its 0.618 % retracement at $1586. the secondary trend which reversed at 1557 has already completed it 0.38 % retracement at $1445. so all the trend will be bullish after $1586.
if gold touch the price of $1586 after breaking all resistance in its path than it means recession has come in simple word...
gold has been trading in bearish channel but bullish channel is building inside. everything depends on 1478 resistance level
two channel has been fighting each other who will win will lead the trend
down trend will remain or end with bullish trend from here
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it doesn't matter you are intraday trader or long term investor. you should always know where you are trading. these are gold all time high fibonacci retracement points. Many big bank are still forecasting for $1600 price. A good trader must know where he is trading