Gold Possible actions for next week.
--->1230--->1220-->1240--->1230--->1236---->1220
--->1230--->1220-->1240--->1230--->1236---->1220
Comment:
Need to watch the price action around 1230
Comment:
1230~1233 area, very strong resistance. Unless something happens next week that will rocket the gold, 1230 area might be the top. 1250 is very attractive to gold, so gold will try hard to get up.
Comment:
It's possible that gold will soar up to 1235 and then drop like a rock.Re-enter the long at 1222/
Comment:
The long wick and the trendline for both bull channel indicates that 1225 seems to be the top for a while, let's see the price action around 1216 and 1211
Comment:
EW waves incorrect, but I think gold will follow the ABCD to 1240
Comment:
Expect that it will retrace to 1225 at least.
Comment:
---->1226(1228)--->1240--->1222
Comment:
Watch the price action around 1223, if it breaks, new bear cycle might be coming.
Comment:
Not sure if it can go to 1240, 1236 is far enough. Usually for a 0.5 Fib(1230), a big retrace is expected.
Comment:
I will short from 1240~1242, if it moves higher, continue to short. Pre-position my short from 1240 to 1245
Comment:
It might go up to 1244~1245
Comment:
1240~1242 seems to be the top
Comment:
So strong, I would expect 1244~1246
Comment:
seems that 1240~1241 will be the top for a while. When falling to 1232, considering to long it to 1240 again, then short from there. Since this might be a bullish cypher pattern.
Comment:
Reach 1244 and rejected. It should drop to 1234 then up again.
Trade closed: target reached