Gold Spot / U.S. DollarUpdated Gold: Friday 27, Jan (false bull and bear trade)
Gold rally from 1122 to 1220 made a perfect 5 wave move. Now its bearish mood for Wave 2's ABC on the daily.
I'm expecting wave A to end at 1182 (possible stretched 1177), then bearish retracement for B up back to 1200/1205, then a larger C wave down to the lows.
I'm expecting wave A to end at 1182 (possible stretched 1177), then bearish retracement for B up back to 1200/1205, then a larger C wave down to the lows.
Note
Gold stuck under 1184. Longs at 1177 or below is better now.Note
1 more wave I reckon. Watch out for double bottom though. Just like double top previously:Note
One more wave down.
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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.