In this article I have discussed the 2 possibilities that can play out in Gold (XAU USD).
The market is either moving as a Flat in the Wave C (Consider the Count in BLUE)
OR
It has already completed the Wave 2 correction as a double Zig Zag and is currently in the Wave 2 of the 3rd (Consider the count in RED ), in both cases it looks that we should see the...
When approaching resistance level 1263.93, we see a drop in the growth rate of the uptrend. It is possible to downward correction to area 1233 by model 3w. Break above level 1258.43 cancel model 3w.
It looks like that till now the correction has been an Double Zig Zag type of move, perfectly moving within the channel.
Noteworthy point : Wave A = Wave C in both the Zig Zags.
The 50-60 region is near 1250 to 1253, generally if the market takes support above this level it should atleast testing the most recent high near 1260.
As long as this market remains...
Gold in a possible downtrend after recent uptrend. Price has rejected the 200sma for the second time in the bearish zone. I expect price to each 1240. We'll then watch how price reacts at this level, could potentially fall to 1220 and lower.
self explanatory
In my previous forecast I was expecting that the market will turn around 1260 region which is exactly what happened.
It seems that the market is now going down in a corrective structure and should face support near the 1235 to 1220 region.
I might have to make some changes to my previous counts, but that is all some technical stuff, the market is basically...
In my previous posts I looked at both the bullish as well as the bearish possibility and pointed out that if the market takes support over the 1244 mark then that would increase the possibility that the bullish count will play out.
As of now the market has clearly taken support over the 1244 mark and hence I believe that the current leg up from 1194 was the Wave...
GOLD 2h , possible need a correction now, BEAR DVG all 3....
I'm not 100% sure a top, but have to react to the BEAR dvg we have now.
If it try for more up, above 1250, then we have to deal with it, if it happen.....
FIB.ext 1,618 = 1213 could be a possible target ? Let's see....
GOLD is rejecting major resistance on 1250 and wanna go for short
pullback to 1235 area.
We can see multiple confirmations
1. EMA and MA cross
2. Trendline break + retest
3. Resistance breaking potential after next rejection to go higher
Don't forget to trade with proper RM/MM and caution
Good luck guys.
Looking at the 4 hour chart we have found resistance at historically strong support and resistance zone. Price did not manage to close above 1234.00 despite several attempts. Right above us we find a 0.618 fibonacci retracement.
Looking down at the hourly we also see a 2618, a double top (which also can be seen on 4h) followed by a 0.618 retracement after...
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
In this article I will be discussing my Main Elliott Wave Count for the Gold Market.
It seems that we are in corrective Wave 2 and within this Wave 2 we are just about to complete Wave B.
We should look for reversal near the 1240 region and and if a reversal occurs as I expect it to then the market should turn around and achieve levels uptill 1176.
SL can be...
XAU has reached .5 fib correction target and stopped.
Previously 4h rsi divergence had been observed. Similar wedge pattern is forming.
Now correction is almost done (rsi). Short gold for a week or two before Big long. Target 1170-1200.
Firstly - please excuse the quite busy/crowded chart here - usually my charts are a lot cleaner.
Anyway, as you can see from my last idea on Gold, we are quite possibly nearing the end of it's recent bullish run.
Momentum seems to be slowing down, we have reacted quite nicely from the 61% Fibonacci retracement and broken a reasonably long term...
