Gold (XAUUSD) ... Patterns Patterns Patterns
Updated
In the past month Gold has appreciated roughly 6%.
As I see it, Gold (XAUUSD) has also traced out a bearish Butterfly Harmonic Pattern (1) as well as a Bearish Wolfe Wave one (2).
These combine to suggest a Bullish Harmonic Shark Pattern (3) is in progress with a calculated D target in the $2308 area. (A 4%+ drop)
We also need momentum to roll over.
Look for the US Dollar Index (DXY) and interest rates will be the key.
Any strengthening should put pressure of this precious metal.
So I am looking to sell temporary strength with a tight stop just north of $2432.
FWIW I am bullish longer term and view this as a swing opportunity
Not investment advice... do your own due diligence
S.
As I see it, Gold (XAUUSD) has also traced out a bearish Butterfly Harmonic Pattern (1) as well as a Bearish Wolfe Wave one (2).
These combine to suggest a Bullish Harmonic Shark Pattern (3) is in progress with a calculated D target in the $2308 area. (A 4%+ drop)
We also need momentum to roll over.
Look for the US Dollar Index (DXY) and interest rates will be the key.
Any strengthening should put pressure of this precious metal.
So I am looking to sell temporary strength with a tight stop just north of $2432.
FWIW I am bullish longer term and view this as a swing opportunity
Not investment advice... do your own due diligence
S.
Note
Well while Saturday's "incident" may give equity markets and Gold a temporary bid we still are looking for a toping of both.. perhaps at higher levels.So lets see how this plays out for the next several days.
Note
An update ...Well we got a good "incident" bid and Powell's recent comments helped markets yesterday.
Banks who have been manipulating this market for years probably are feeling pain.
Won't count them out yest. New alltime hight today...
Still looking to sell/take profits when momentum rolls over.. but waiting
S.
Note
Update... some giveback and momentum is hesitating.perhaps take some profits here and be a seller near the 2425 area.
Watch equities and $ for weakness.
Note
Update .. momentum HAS rolled over... lets see where we go !Trade closed manually
Closing position and looking to re-establish on a descent rally...S.
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