Gold surged to 1808 which is affected by CPI data released. It then dropped to 1785.
After the gold rally for 2 weeks, gold is breaking its upward trend (TF day) for the first time.
At the current level of 1785, gold is expected to have more downside as DXY may regain its loss for a few days.
For long-term analysis, gold has made wave 1 or B, and is likely to go for wave 2 or C.
Sell 1785-1788
TP 1778/1766/1758
SL Set according to your margin. 1798 is the critical level.
Good luck!!
After the gold rally for 2 weeks, gold is breaking its upward trend (TF day) for the first time.
At the current level of 1785, gold is expected to have more downside as DXY may regain its loss for a few days.
For long-term analysis, gold has made wave 1 or B, and is likely to go for wave 2 or C.
Sell 1785-1788
TP 1778/1766/1758
SL Set according to your margin. 1798 is the critical level.
Good luck!!
Trade closed: stop reached
Comment:
Well, gold at the current level of 1700 confirms its direction to wave C.
For the medium-term, this wave means that gold prices could keep more large downside. In an aggressive way, gold may drop below 1600 this month.
Suggest picking the top to sell. If going short, be careful at 1728 else 1747.
For the medium-term, this wave means that gold prices could keep more large downside. In an aggressive way, gold may drop below 1600 this month.
Suggest picking the top to sell. If going short, be careful at 1728 else 1747.
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I will update my #gold weekly analysis soon.