Preference: Short positions below 1240 with targets at 1220 & 1200 in extension.
Alternative scenario: Above 1240 look for further upside with 1244 & 1280 as targets.
Comment: Gold has reached monthly resistance at 1240 and 61,8 fib retracement.
My preference: Long positions above 1180 with targets at 1200 & 1220 in extension.
Alternative scenario: Below 1180 look for further downside with 1160 & 1140 as targets.
Comment: We see that the gold try to finds yearly support in the area about 1180 and AB=CD pattern have been formed. Maybe this is a good opportunity to try a long position.
My preference: Long positions above 1255 with targets @ 1260 & 1274 in extension.
Alternative scenario: Below 1248 look for further downside with 1240 & 1230 as targets.
Comment: We see that the gold finds daily resistance in the area 1250/53 and it is still not doing a certain break. It looks that the gold has created a “cup and handle” formation. Maybe this is a...
My preference: Short positions below 1250 with targets @ 1200 & 1180 in extension.
Alternative scenario: n/a
Comment: The gold break out support level and go to the hell. :D
My preference: Short positions below 1250 with targets @ 1200 & 1180 in extension.
Alternative scenario: Above 1280 look for further upside with 1290 & 1320 as targets.
Comment: The gold is retesting support area, rebound for double bottom or break out for AB = CD ??
My preference: Long positions above 1290 with targets @ 1320 & 1360 in extension.
Alternative : Below 1260 look for further downside with 1250 & 1200 as targets.
Comment : the gold was rebound at support area and harmonic pattern will be formed.
