From the prev upload we saw gold price rise to attempt the high high at 2429.867, failing to do so confirmed the sell, forming a double top at it, we hit our first shorts target at 2324.173 and 2300( prev week low(8-12/04)). a break below 2300, will confirm further sell to 2242.650 ( Mar high) where we might start seeing some retracements.
we seing a channel formation on a elliot impulse wave. we are now waiting for the formation of wave 5,which I expect to rise to 1.39133. BUY INVALID @1.37423 then il be exoecting the price to fall to possibly 1.35738
After bouncing inside the channel making a flat correction A(3),B(3),C(3),D(3),E(3) we can expect GBP to about 1.37825. breaking out the channel we could see GBP fall to 1.37000
Using simple resistance and support levels together with Elliot wave count theory. Gold is weaker due to a gaining dollar, which always moves opposites to gold. Awaiting the Non-Farm-Payroll report, we could expect gold to drop, breaking through the 1806 trendline to 1801. a break below that will confirm a drop to1796. sell invalidation at 1819
