As i tried to warn the Gold's bulls about this ''fake rally'' at my previous article now it's good time to start to search for a reversal area. Gold as most metals are still in a bear market.From the long-term view on gold we can undesrtand that after the 5 wave structure of the 5 Elliott waves we can are in a A-B-C correction waves as mentioned in previous...
Price rejected at important line, could either go up or down
XAUUSD rallied up after FOMC news and i will be defo looking for bearish bias like this! XAUUSD will meet strong resistance, 61,8% fibo PRZ, demand zone (not drawn) and previous trendline retest. I only made an area, where I will looking or shorts (not demand zone) Wait for PRICE ACTION before sell! Don't forget to trade with proper RM/MM and caution. Good luck
Short Term Correction in Gold.. Excellent Risk Reward
This is only a trading capability - no recommendation !!! Next week i`ll confirm or change my opinion about this SetUp :) Buying/Selling or even only watching is always your own responsibility ... Best regards Aaron
Take care & analyzed it again - it`s always your decision ... (for a bigger picture zoom the chart) Best regards Aaron