HI EVERY ONE The XAU/USD reacted to its resistance line and will go down as far as we know HAVE A GOOD DAY.
B wave count simple 5-3-5 zig zag to the 1.618 extension on low volume w/ bearish divergence at the $1703 top and we're expected to come down significantly. Its an internal retracement still correcting from all time highs so I'm looking at volume profile coming down from ATH. The point of control is around $1280 which led me to consider changing the pitchfork...
Gold is going to move down to the first target zone 1147-1266. It will probably find support at the channel line or a bit below and inside the target zone and then it wil turn bullish with target the zone 1912-2156
I'm seeing Gold making a retest and bouncing to the zone of resistance, Ill be looking for potential buys with the right confirmations.
ON THE DAILY CHART, we can see that has a chance to forming an A-B-C Correction in a descending channel. The current count is assumed by 5-3-3 corrective wave. The support area were assumed with Fibbonacci retracements. The wave count (up and down) were based on Gann time Projection and could be adjusted if the price movement didn't respect the common time ratio...
Well, same Idea but with long way...
My indicators looking forward . Let'see how will be the end !
Seems like we might have a 50% fibonacci retracement then up for a full M(double top) might take 90-120 days. My take... medium term (30+days Bearish. What do you think?
Gold is currently in wave 4 of a 5 wave move.The target is calculated from a middle of the 5 wave pattern and using symmetry to get a fifth wave target of $1510. We should see a sell off as the 4 wave develops. A move in price back to $1375 would be a good price to enter long.
XAU/USD Volume, Moving average, Trend direction and confirmation indicators are in agreement with a long call. NB- the only draw back is that lower timeframes are showing signs of consolidation/downtrend Trade TP is 1x of the ATR and SL is 1.5x of the ATR. Once TP hits, move stop loss to Break even and let your winner run.
Waiting for a double top formation to occur. We are going to short the double top pattern. Aiming for $1300-Zone.
This is my modest beginners view of GOLD and its possible movement. KEK
This is my outlook for Gold for the following week
Monthly: HL formed, looking for LH Monthly three pin formation bouncing of Weekly Resist and closing below Monthly key level. Evening star formation formed resisting Weekly Resist and closing below Monthly key level. Shooting star reversing sharp from weekly resistance. bears gaining upperhand, reversal incoming. Weekly: Bearish engulfing into a dragonfly...