I think UJ just completed a double combination correction ending with a triangle. Failure to break out of the head and shoulders trend line is telling.
Long once we break out of this triangle as main bullish trend should resume.
Today’s rate decision failed to take gold higher running into resistance right at the 0.786 fib level.
We should be done with the correction at 1484 high.
We have clocked a series of lower highs. Should see bears taking over.
Look for sells at 1478 region.
First target at 1453/4
Trade safe. GL.
prices have not followed through with a clear strong bearish breakout.
we have a series of higher lows formed as we can see from the chart. Hence, i expect a bullish move to the 1467-1470 levels before any bear trend continuation.
will watch price action at those levels for an signs of rejection.
if we look at the price action, gold has formed another falling wedge as the previous low at 1445.
We have a slight bullish breakout from this smaller wedge formed. price might go for another upward Y leg to complete this 3 wave pullback.
Still feel like we are not done with the drop with one more leg to go.
We got daily rejection of prev 80s support turned resistance zone with a high at 1478.
Semi breakdown yesterday with a possible retest as seen on H4. This next H4 candle closing will be crucial.
We could be going down for a double bottom test first target at 1452 at 0.786 fib, if it breaks,...
Two alternative counts for UJ currently. If we are done, I would wait for the potential IHS to be form before taking a long trade, alternatively, we could be at wave 4 if the ED. If not, wait for a strong breakout if this wedge, retest then Long.
Either way, I will post my daily chart below, UJ correction is pretty much done with w=y at this juncture.