OANDA:XAUUSD   Gold Spot / U.S. Dollar
Forecast:

If price action follows up on the Truncation/ Double bottom pattern, then we can expect a countertrend ABC / Zigzag pattern. B-wave, pull back target's between ~1712 or ~1699. Final bullish C-wave , target's @ ~1776 or ~1787.

If price action picks up bearish sentiment and breaks low of ~1678, then target's to look for @ ~1662 or ~1655.

I'll keep you posted... Trade safe, be well

About Gold Next Week #
A weekly 3-10-minute forecast video on Gold's price action on a weekly basis. I'll follow up with charts throughout the week as price action develops patterns and pivot reversals points.

Topics: Market sentiment, Gold Shares / Gold EFT's, $DXY and US10 /30yr bonds and yields

System: I use a hybrid blend of Wave Principle price action, Fibonacci ratios, RSI indicator and some fundamentals.
Disclaimer: nothing talked about in this video should be regarded or seen as trade advise, a trade call, a recommendation, or a trade signal. Do your own due diligence or seek advice from a licensed professional before entering a trade.

Best Regards
OmarDjurhuus
Comment: Update!

A different view I am giving you today. 30 year T-bond chart. From a pure TA perspective.

If buyers enter the US30yr Bond market again, then target's @ ~167, ~172 or ~177 are not unlikely. And that will push gold higher... how high, I do not know?

Trade safe, be well... keep you posted.

Comments

i exactly think the same about the ABC pattern with this increase in gold price. Honestly i think the gold price will climb up higher than we expected at the end of C wave because the 1 st wave of wave A looks quite long even from now. so the wave A will be longer than we expected. it looks like that.
Reply
mkahakon mkahakon
@mkahakon, please see the attched image
Reply
@mkahakon, Yes, your analysis is good. Let's see if bulls have the strength to push market higher. Keep eye on US Bonds - bond selling means gold drops lower because the interest Yield goes up and vice versa.
Reply
Really appreciate this video analysis, cheers!
Reply
OmarDjurhuus AlkalineFX
@AlkalineFX, Thanks! Only trying to give a sense of direction... Cheers! :)
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