Gold ForecastGold Forecast
Gold is in a bullish cycle, and we will look for long opportunities when we see a clear 3 legs-down corrective structure. Unfortunately, the connector (B) of the current (A)(B)(C) is too shallow and it does not retrace enough according to our strategy to allow us to enter when the price reaches the IZ (grey zone). We do expect the price will bounce from the IZ, but it can be only the connector from a deeper (W)(X)(Y), so we are not going to take this trade.
What to do? 2 scenarios:
-The prices resume the bullish cycle ->We should wait for the price to break the 1,960 level before looking for buying opportunities.
-The price makes a deeper correction-> A new IZ will be created, and we will analyze its structure to check whether it is tradable or not.
In any case, we will keep you updated on the TRS community
Please remember to do not to risk more than 2% of your account on each trading idea
