Gold, Gold, Gold, at one point everyone wanted and needed it.... where it stands at this point my team and our members at Elevate were more than happy to exit our longs from 1469 at 1585.
With the most recent rejection and the wave count all but seeming to be complete minus the minutte level degree missing one final move to the upside which may not happen due to this being a 5 degree termination.
The fact that we rejected this area immediately gives me confidence in this giant flat idea as that was exactly what you would expect on a high degree termination point that turns back into the main trend. so going short now is not a bad idea but you must understand upside risk and prepare for it. So dont go all in with the entire lot until we have more confirmation wither with the price making the last high and or PA breaking the upper range in less time and complexity. A move over 1720 is BULLISH and will cause me to scrap this idea.
TRADE SAFE
CHEERS
p.s With the rising tentions between the USA and Iran and the chances of a world war erupting we must be aware what that means for gold.
War = Gold is bullish (traditionally)
No War = this idea is valid and we can expect BEARISHNESS
With the most recent rejection and the wave count all but seeming to be complete minus the minutte level degree missing one final move to the upside which may not happen due to this being a 5 degree termination.
The fact that we rejected this area immediately gives me confidence in this giant flat idea as that was exactly what you would expect on a high degree termination point that turns back into the main trend. so going short now is not a bad idea but you must understand upside risk and prepare for it. So dont go all in with the entire lot until we have more confirmation wither with the price making the last high and or PA breaking the upper range in less time and complexity. A move over 1720 is BULLISH and will cause me to scrap this idea.
TRADE SAFE
CHEERS
p.s With the rising tentions between the USA and Iran and the chances of a world war erupting we must be aware what that means for gold.
War = Gold is bullish (traditionally)
No War = this idea is valid and we can expect BEARISHNESS
Have a plan. Trade it!