Based on:
1. Gold has increase very aggresive from 2000-zone to 2340 zone
2. Gold is in price discovery mode , already gain new ATH, now looking to secure the real area before further correction
3. On Wave 5 gold show deceleration of its gain, there is a clear compression that can explode either upside / downside
4. Gold will soon reach its nearest fibonaci retracement area
On the upside
I predict that gold might try to secure a firmer high on fibonacci area that range from 2357-2363. The move will be a liquidity grab for early shorter before actually correction.
Im looking to short in that area with Bearish Choch / 3 Dominance bearish candle to enter short.
On the down side
The compression pattern might be short term correction before xauusd find its firmer ATH on fibonacci area
1. Gold has increase very aggresive from 2000-zone to 2340 zone
2. Gold is in price discovery mode , already gain new ATH, now looking to secure the real area before further correction
3. On Wave 5 gold show deceleration of its gain, there is a clear compression that can explode either upside / downside
4. Gold will soon reach its nearest fibonaci retracement area
On the upside
I predict that gold might try to secure a firmer high on fibonacci area that range from 2357-2363. The move will be a liquidity grab for early shorter before actually correction.
Im looking to short in that area with Bearish Choch / 3 Dominance bearish candle to enter short.
On the down side
The compression pattern might be short term correction before xauusd find its firmer ATH on fibonacci area
Comment:
The idea held its ground, the entry on fibonacci retest area could result 240-260 pips in profit.