Now that we have most probably begun Gold's intermediate decline at the triangle top and channel re-test, I am able to set my targets for trade possibilities.
Initial decline to fork median line and strong support @$1200 - A
Impulse bounce to 0.382 Fib and Fork's upper support ~$1228 - B
Continuation decline to lower support of the triangle and bottom ~$1165 - C
- This time-frame also corresponds w/ the date of Sept's FOMC (9/21) and next rate hike.
I would not be surprised if Gold drops below the lower triangle support to scare away some of the weaker gold bugs before eventually turning back up again, but I will most likely be out at that support level.
Initial decline to fork median line and strong support @$1200 - A
Impulse bounce to 0.382 Fib and Fork's upper support ~$1228 - B
Continuation decline to lower support of the triangle and bottom ~$1165 - C
- This time-frame also corresponds w/ the date of Sept's FOMC (9/21) and next rate hike.
I would not be surprised if Gold drops below the lower triangle support to scare away some of the weaker gold bugs before eventually turning back up again, but I will most likely be out at that support level.
Note
Note
If we dove below the triangle's support to 1155 the fib's would line up perfect for a textbook ABC correction
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.