Price action is consolidating. Possible complex ABC pattern in the making. If is strong this week, UPSIDE target's @ ~1744,1745,1748. DOWNSIDE Target's @ ~1716, ~1714 or ~1710. I'll keep you posted.
Trade safe, e 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 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, 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.
Price action, lots of selling pressure has developed a simpel ABC pattern quite easy to deal with.
In the video I laid out two possible price action setup's for Monday/Tuesday.
Price action did not develop a further complex consolidation moving to the upside. But bears completed the c-wave in a fully developed ABC pattern. We might see a countertrend move to the upside.
Bears are in charge. General sentiment is still bearish, have that in mind.
If bulls get the upper hand today or tomorrow then possible target's @ ~1727, ~1732 or ~1737
If selling pressure continues - target's @ ~1701 or ~1679 are not far off
Trade safe, be well
Said in last update, that sentiment was overall bearish. Seems price action has found some buying strength at my second target ~1679, but if it's enough to make a double bottom (Daily Time Frame) I am not sure a the moment.
Bond selling and DXY strength and capital moving into Indicies are the main reason gold is dropping. Simply out of favor!
If bulls get upper hand - target's @ ~1706, ~1715 or ~1723
If selling pressure continues - downside target's @ ~1656, ~1645 or ~1630
trade safe, be well.