All is going according to plan, I don't believe we are yet out of correction waters. There needs to be a healthy pull back to accommodate the growth that is coming up, and we have yet to see the completion of the final Elliot wave. Historically pull backs of this magnitude reach the 2.0 fib level but I am planning my take profits at the 1.68 level.
Much to the contrast of many of the traders I follow, I have foreseen this correction. I expect the price will continue to trend downward until it reaches the bottom of the pitchfork which coincides with the fib levels. That being said, I believe that after this correction we are going to see massive and wild growth, reaching higher highs and higher lows and...
There is the breakout on the local ascending wedge, we have to wait for confirmation. I am expecting an corrective pullback to 1763 or 1731 which corresponds to the Fibonaccian retracement levels and relative support. I am leaning on 1763 due to economic sentiments and overall bullish direction for gold. I expect a drive to 1890-1900 levels post correction so...
This may perhaps be an optimistic prediction, but I feel that the looming uncertainty in the market is predominantly low, this should drive GOLD as a safe haven hedge. That being said, the predicted rate hikes coming this week are certainly a negative for GOLD futures adding artificial faith in the dollar. It will ultimately be a balance of the scales, we are most...
