parisseine

US GOLD Expanding wedge A limited retracement before our 2016 TP

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
XAUUSD Since the start of the current up leg from 1977-1978 XAUUSD got nearly no retracements. I expect Monday opening to be alike. The reason is that the price action managed to reach a new Equibrium area located @ 2004 price level.

The previous Equilibrium level was the 1977 area and we kept it for more than a week.
I think it will be the starting point before getting to our TP in the 2015-2016 region.

I'm that M30 chart you can see the price action to attain 2009 in the upper zone of the upward expanding wedge. 2004 is a Fibonacci level from this Higher High Pivot high.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.