In 1H timeframe, Gold price is falling down from 1279, the closed price last week, and created a new low level around 1274.
5 impulsive wave struture is now going well within the downside channle,and is finishing the 5th wave or its extenstion.
According to the ratios among 3rd and 5th wave, the short term target shall be within 1271-1262 region.
Also, ADX is above 25 level, shows a strong downside momentum of the price.
Another idea on Gold is also negative direction in larger timeframe, which are in line with my analysis on DXY, posts can be seen as below.
If the price successfully break 1260 during the first 3 days of the week, wait and expect a strong NFP data this week.
5 impulsive wave struture is now going well within the downside channle,and is finishing the 5th wave or its extenstion.
According to the ratios among 3rd and 5th wave, the short term target shall be within 1271-1262 region.
Also, ADX is above 25 level, shows a strong downside momentum of the price.
Another idea on Gold is also negative direction in larger timeframe, which are in line with my analysis on DXY, posts can be seen as below.
If the price successfully break 1260 during the first 3 days of the week, wait and expect a strong NFP data this week.
Trade active:
Momentum keeps bearish, price created a new low below 1274, watch out a flash plunge in London session, take partial profit near 1270
Trade closed: target reached:
Price hit 1261 level and closed with a pin bar, 1800 pips profit.
