Gold made a higher high had a retracement sell off
we are currently rejecting the 61.8% fib level on the daily and holding the trend line nicely.
looking to take gold up for the final wave
US30 is overall bullish - looking at a potential intraday set up on the 1HR timeframe. we have 2 peaks and a valley and what looks like the makings of the final wave of the 5 wave elliot wave.
this is what i am thinking for Gold - it created a lower high on the 4HR and is respecting the 76.4 fib level. i am expecting a sell off here to create a lower low. there is still some bullish momentum so i am setting several TP zones at potential reversal zones.
we also have alot of news this week so reversals are possible but overall i am sell bias.
50% retracement after new higher high - this is also a point of control where there are alot of buyers and volume - looking to take this for a buy. use risk management and protect profits once in blue
Gold had a lot of bearish momentum this week after a nice push to the upside. I think we will get a nice retracement buy to the 61.8/ 78.6 area before another push to the down side for a complete correction and pick up of last months savage drop due to NFP.
last gold setup played out perfectly - hoping for the same here! happy trading and remember risk...
Gold making a move to the downside, seeing how price reacts to major support around 1781 - i would love to get a buy off that price to the 61.8 retracements and then back down for the sell to continue.
Gold rejecting a heavy zone here around 1785 - we are also getting a rejection of the 78.6 and 61.8 on higher time frames - im expecting Gold to go back to the 1825 area - be cautious around the purple box zone (38.2 fib is a reversal zone - my current TP is there - break and close above would ideally confirm push to upside.
use proper risk management - happy trading
rejection of 61.8% Fib level on Daily timeframe - also rejected 200EMA (MAJOR TREND LINE) looking to see GU bounce off this zone into bullish trend. TP -27.2%
