FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
Looking for price to reach down to the equality that C = A which would be at 1640.13 area.

61.8% of the overall move is at 1616.64

161.8% in the C leg measures to the 1611.85

Don't want to see price down here at 1593.06 area, as we could go lower still, and therefore a longer term top may well be in place if we break through the 1563.02
Comment: Lower, as expected, now looking for price to push lower towards that 61.8% at 1616.64. It may take a wee breather for now though.
Comment: Missed the 1st target, as it bounced right off that previous level low. I've closed off my shorts and have now reverted to being long.
Comment: Flat, closed positions, market very choppy, although a push lower now appears back on the table.
Comment: i'm back in short, my target is 1618, as we may see a bounce from there
Comment: Sliced right through that 61.8%. Now we are at the decision line between bull and bear, gold must stay above the 1563.02 on this chart to remain longer term bull. If it should go below that line even by 1 tick, then i see gold as a full blown bear. We'll find out soon enough. I must state i have taken a long shot here - opened a long position on gold, but i have a very defined sl in place at approx $10 per point, risk is well managed.
Comment: bear one
Comment: retrace back up to the 1593 / 1603 zone, then back down from there
Comment: long closed off, should see lower from here
Trade active: Full bear mode now, i'll update new chart over the weekend. Expect gold to get well below the $1000 level. I traded gold up last year, this year i'll trade it going down.


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