woolleyfx

XAUUSD Monthly - Long Term Outlook

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Using all the price action we have on gold we are at the peak of a bullish channel that goes all the way back to the beginning of PA.

Should we continue to see bearish price action whilst trump props up the $ for re-election it would make sense for this scenario to occur.

This would cause everyone to have a huge sell off on all markets, I think.

We would then see a true rise in price unlike before which would also be the 5th wave on the 6 Month chart, which is historically the biggest and fastest move in the ideal direction ( bullish ).

Hopefully, we see some great PA around Oct - Nov, which would cause this scenario to play out.

Monthly close in 3 days, this would be a great time to trade Gold , with NFP soon this would make sense to push gold /crypto markets lower.

Will post lower time frame ideas and set-ups, looking to take some intraday trades on this pair this week ✌

Comments

I don't know much about ew count but how is a previous ATH wave 1? shouldn't it be wave 5!?
Reply
woolleyfx cankarako
@cankarako i based the elliot wave off of the 6 Month chart, are you going off that one or the published one bro
Reply
cankarako cankarako
@cankarako how in earth are you a pro. this should be like the most basic rule. calling a bullish wave that went 6x wave 1 and it then it finishes all 5 waves of with a pitty 2x. I really don't know how you count this. It is against every single rule
Reply
woolleyfx cankarako
@cankarako, you pay for pro g haha nowt big & ew has a HH, HL, HH, HL, HH right? look on 6 month chart youf that’s what i see
Reply
i would hope $1950 comes through before the monthly close
Reply
hello, can gold touch 1900 before a downfall this week
Reply