Short

GOLD - Deeper correction coming!!

Updated

had a nice $100 drop on Friday with a further correction likely of the next week, but with Inflation data & Interest rates this week it could get wild.
Firstly i'm looking for a low to come in then I will look to Sell on the first decent PB.
First target is the ABCD from the top @ around 2250 but then we could hit the 382 from the October low last year just above 2200. This is the key level for the bullish continuation.

Enjoy the week. Shorter TF levels to watch posted later with points to watch this week.

Note

GOLD has made a short term low and holding 2300 for now. Im looking for a rally to 2325 which will be the ABCD into the 382. If it goes below 2300 again before then we will need to look at other ideas.

Note

Still waiting for the correction higher to complete. We should see this today with the double US data events CPI before the Open and then in the middle of the session the Interest rates. Last time round when the interest rates came in we saw a spike up and that's what we might get here into the higher 50-61.8% area.

Enjoy the day its going to be wild.

Note

After the moves of last week with all the data we now look for one more move higher to complete the pattern then followed by more selling to complete the patterns from the ATH. 2350 is the target for now but updates as we go along this week.

Note

After yesterday's action we are now looking at the Double ABCD at the 61.8% area at 2050. If yesterday's low is broken then we need to look at another scenario.

Note

After going straight through the Double ABCD area its now moved up to the 78% area which is the last area it can turn. Above that we have to look for another scenario which is more bullish.

Note

A big reversal from the 78% on Friday has seen the GOLD setting up for more downside towards 2250-2272. That is likely to be the next buy zone to take out the highs again. Watch PB for a short term sell.

L_F

Also on:

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.