Gold chooses its direction to wave 2 or C as predicted on 11 August. At the current level of 1747, about 50% pulled back and arrived at significant support but still have more downside.
Whilst, DXY recovered its value as the positive data of U.S. Retail Sales and initial Jobless Claims. The dollar could keep rising this coming week with limited downside. If DXY breaks the old high (109 as of 14 July), it might rapidly surge to 111.
So, this may cause negative sentiment for gold. Nonetheless, gold can rebound for a short period before going down again. Suggest picking a top to sell.
Sell 1754 - 1766
TP 1758/1754/1747/1735/1728
SL set according to your margin (above 1772 is a crucial point for gold rally to wave 3)
Have a good week!!
Whilst, DXY recovered its value as the positive data of U.S. Retail Sales and initial Jobless Claims. The dollar could keep rising this coming week with limited downside. If DXY breaks the old high (109 as of 14 July), it might rapidly surge to 111.
So, this may cause negative sentiment for gold. Nonetheless, gold can rebound for a short period before going down again. Suggest picking a top to sell.
Sell 1754 - 1766
TP 1758/1754/1747/1735/1728
SL set according to your margin (above 1772 is a crucial point for gold rally to wave 3)
Have a good week!!
Trade active:
Sell 1747-1745
TP 1735/1728/1721
SL set according to your margin
TP 1735/1728/1721
SL set according to your margin
Comment:
Gold may test 1754. If you went short at 1747, hold.
Comment:
#Gold 1st target hit (1735). If you went short followed this signal, pls lock in profit. Gold would rebound before down again. The next support is 1727-1728.
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Cheers!!
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Cheers!!
Comment:
Gold @1735 rapid rebounded after tested 1727 (2nd TP), strong support than expected. So, 3rd target failed last night.
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However, it is still possible as DXY is going to hit the old high at109. Breaking this level would be a new high for the dollar and a down move in gold.
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However, it is still possible as DXY is going to hit the old high at109. Breaking this level would be a new high for the dollar and a down move in gold.
Comment:
Well, gold reached 3rd TP during I was away. 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.
Suggest picking the top to sell. If going short, be careful at 1728 else 1747.