Gold has been rallying and has also crossed the trendline (a long term trendline). Seems its on its 3rd wave downside and will end up at max 1208 downside.
After this it will retest the upper trendline seeking bears to go rouge and become bulls, but then after the retest it may come down again on its last 5th wave.
What happens when gold meets a long term trend-line and a supply zone. It goes bull or bear. Wherever it goes, it would be too strong. Hoping for a bull trend here though.
Entered at 1252.2 and 1242.3
Target would be near 1285
This year gold is expected to trade inside Symmetrical Triangle. CCI is near 100 without any jerks due to low volume so, i expect gold to move down and maintain the triangle and move up after that.
NOTE 1 : If the triangle breaks it will most probably break in upper direction.
NOTE 2 : This is just an idea not an investment strategy.
This is type of prediction which i dont want to do.. Monthly chart dosesnot contains many variables, so, technical indicators are useless (except CCI and RSI, which fails because they give too early entry).
So, in this i am going for a long term bullish scenerio due to following reasons :
1. Bullish Triangle, which gold seems to cross and is now to go furthur up....
Here, i have just shared an idea of bitcoin in which it has possibly end the wave 4-5 and also has completed wave 5-A.
Now, it is assumed on to be at wave AB (up) and then will go on Wave BC (down).
The chart is describe by fibonacci levels. Please see and share your views.
And finally Merry Christmas if this chart is successful.. :)
The last month of 2017- December 2017
-Fed Interest Rate Decision
I hope 1st December to be a doji which will end the last week in red candle and finally a hope for gold to be green for 3 consecutive week and red in last week of December 2017.
Week 1: Bullish gold but week Non-farm data can make it weak
Week 2: I personally...
Fed will decide to hike the rate this year on 1st of November and on 14th December.
Fib Time zone and Trend based Fib Time zone on this chart shared adate 31st October, i hope the retracement will occur at that day, so expecting a downfall on 1st of november (imo).
This would retrace according to the fib circle and then jump from the 0.5 of the pitchfork tool,...
After analysing GOLD, i have found that it is being mirrored (or flipped). So, if it continues to be then we can see downtrend version again to 1200$.
But, in my last analysis, it was found that C wave has ended and now it is in uptrend. So, if elliott count is right then there will be slight correction, max 1230$ and then again up.
I dont want to sell right...