Looking at the bigger picture of gold, I am seeing a pullback which is going take some months to complete after that long swing up. So the price is just taking a breather, which is going take sometime to complete. as you can see on my analysis, I am expecting a trend continuation to form as you can see there's a ABCD pattern formation. So soon I'll be looking to trade short in line with price structure. Mind you, this is my long term goal. So I'll looking to trade with the trend.
On my short term trade set up, I am currently long(daily chart). But soon I'll be going short.
Pullback targets:
Target 1 = 1046.44
Target 2 = 702.44
NB:
If the price do breaks the previous structure low(B point), That will surely confirm a very nice bearish harmonic pattern called a Cypher Pattern since the price was held strong at that 38.2% fib retracement ratio. So that will mean that, the 38.2% fib ratio will now have to become the B point, therefore I believe for a Cypher pattern the C point usually get met at the 127.2% fib ext & the D point at 78.6% fib ratio as the PRZone.
Patience game :)
Let's see how this one plays out.
On my short term trade set up, I am currently long(daily chart). But soon I'll be going short.
Pullback targets:
Target 1 = 1046.44
Target 2 = 702.44
NB:
If the price do breaks the previous structure low(B point), That will surely confirm a very nice bearish harmonic pattern called a Cypher Pattern since the price was held strong at that 38.2% fib retracement ratio. So that will mean that, the 38.2% fib ratio will now have to become the B point, therefore I believe for a Cypher pattern the C point usually get met at the 127.2% fib ext & the D point at 78.6% fib ratio as the PRZone.
Patience game :)
Let's see how this one plays out.