It appears the bears may not be done just yet...With the US economy strengthening despite all that is going on, this may raise questions on whether
gold may be tentatively losing it's safe haven qualities. Quite the interesting topic. However in this technical aspect, the waves are siding with the
rather unfortunate side of the coin for gold. The base channel containing waves 1 and 2 seems to be serving as resistance for wave for. Wave 4's
channel intersection is also confluent with an existing resistance level gold previously used as support (1960.00). I am expecting a 5th wave completion,
However considering how ruthless the third wave was, one may even expect a 5th wave truncation, but the market will reveal all in due time.
Targets:
-1874.00
-1848.00
-1823.40
If you enjoy this setup, please do let me know by means of hitting the like button and sharing, I would highly appreciate it. Your perspectives are more than
welcome down in the comments, feel absolutely free.
gold may be tentatively losing it's safe haven qualities. Quite the interesting topic. However in this technical aspect, the waves are siding with the
rather unfortunate side of the coin for gold. The base channel containing waves 1 and 2 seems to be serving as resistance for wave for. Wave 4's
channel intersection is also confluent with an existing resistance level gold previously used as support (1960.00). I am expecting a 5th wave completion,
However considering how ruthless the third wave was, one may even expect a 5th wave truncation, but the market will reveal all in due time.
Targets:
-1874.00
-1848.00
-1823.40
If you enjoy this setup, please do let me know by means of hitting the like button and sharing, I would highly appreciate it. Your perspectives are more than
welcome down in the comments, feel absolutely free.
Trade active
Note
SL moved to Break Even
Note
Trade Stopped out at break even. Free trade.
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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.
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.