Umlingo

Umlingo

The scalp idea is on chart.

Umlingo

It is possible Gold is in an impulse "a" of the D leg, within a larger wedge consolidation. With the 'b" correction proceeding to 1250 , followed by the next impulsive '"c" wave to 1170.

Umlingo

Gold may have reversed into the D Leg. A short opportunity could exist. Short from 1270. Stop Loss at C ( 1290 ) Target 1 ( immediate ) @ 1240. Target 2 @ 1220 Target 3 @ 1195 Target 4 ( near term D ) @ 1160

Umlingo

Gold since November 2016 , may be in the process of forming a symmetrical triangle. With this potential scenario, the current C leg of the correction, is likely to have a weekly close around 1300, before price moves back down to 1150 with the D leg.

Umlingo

Sell gold with entry at 1210. Reasons 1. Short term moving averages crossed to downside. 2. Price has fallen out of the recent uptrending channel. 3. Break of significant horizontal support @ 1219. 3. Heikin Ashi close beneath the moving averages. Stop @ 1230 ( above 14 EMA). Target @ 1153 ( .786 fib retracement of recent swing ) . Risk Reward = 2.5 +

Umlingo

Buy gold closer to 1210. Target .618 to .666 retracement zone. Stop Loss beneath 14 MAV @ 1198. Risk-Reward - 4

Umlingo

Case for a buy - if price closes above the 9 ema , gold may be a buy towards the .618 retracement. Case for a sell - if price closes beneath the 14 ema , gold may be a sell towards an equal legs projection towards 1001. A move to the downside seems likely because i. Price has nearly made a 50% retracement. ii. Hidden divergence is present. ( it may or...