Regarding my previous chart analysis on 11 Aug 2022, gold perfectly confirmed wave C.
Gold at the current level of 1696 (strong support in the lower purple box) is going to choose its direction again.
For SHORT side
Gold is expected to break 1680 for completing wave C. So, there is more room for a down move in the gold price before its reversal trend.
Short-term trading
Sell 1698-1700
TP 1689/1685/1680
SL set according to your margin
Next week's target (medium-term) is around 1645
Next week's target (long-term) is approximately 1570-1563
For LONG side
If gold cannot break 1680, it could rebound at this solid support. Probably see a double bottom at this level.
Good luck!!
Gold at the current level of 1696 (strong support in the lower purple box) is going to choose its direction again.
For SHORT side
Gold is expected to break 1680 for completing wave C. So, there is more room for a down move in the gold price before its reversal trend.
Short-term trading
Sell 1698-1700
TP 1689/1685/1680
SL set according to your margin
Next week's target (medium-term) is around 1645
Next week's target (long-term) is approximately 1570-1563
For LONG side
If gold cannot break 1680, it could rebound at this solid support. Probably see a double bottom at this level.
Good luck!!
Comment:
1st and 2nd TP done (1689/1685). The next target is 1680. Be careful to close all positions and flip to buy on the dip at this level as gold may rebound before going down again. Unless it successfully breaks 1680, the next TP will be 1677.
Comment:
All TP done!! Gold successfully broke 1680 faster than I expected. It tested 1660 and made a minor rebound last night.
At the current price of 1663, gold can have more drop to 1645 before making a quick rebound and dropping again.
Corrected my previous data.
Next week's target (medium-term) is around 1645 >> It may happen this week
Next 2 week's target (long-term) is approximately 1570–1563.
At the current price of 1663, gold can have more drop to 1645 before making a quick rebound and dropping again.
Corrected my previous data.
Next week's target (medium-term) is around 1645 >> It may happen this week
Next 2 week's target (long-term) is approximately 1570–1563.
Comment:
Gold reached the target of this week (1645). Hope you enjoy your profit.
Suggest flip position to buy on dip.
.
Cheers!!
Suggest flip position to buy on dip.
.
Cheers!!
Comment:
View unchanged. The target this week is approximately 1570–1563. If you went short, keep an eye on 1650.
For Day-trade
Sell 1633
TP 1626/1620/1614
SL set according to your margin
For Day-trade
Sell 1633
TP 1626/1620/1614
SL set according to your margin