XAU/USD – Bullish Impulse – Minuette (iii) – Trend Reversal

14 июл. 2017 г.

XAU/USD has been sold very aggressively recently and technically speaking is it showing signs for a very possible Trend Reversal.

XAU/USD– Wave Analysis:

At this stage it seems like the Corrective Structure developed as an Expanded Flat in Primary Wave B (green) and as per the actual Wave Count, it seems like the Correction is complete.

This would lead a Wave Trader to think that it might just be time for the Bullish Primary C (green) to start developing its Sub-Waves.

As per the previously posted Long-Term Analysis, this might just be the point where XAU/USD could climb its way up towards a Bullish Structure.

Trend Reversal – Technical Factors:

Bullish Divergence is joining on the volumes which is a good sign that the Bulls might be preparing for a Rally.
Inverted Head & Shoulders Structure can be spotted which could also lead towards a Bullish Impulse.
Price Action is developing a possible Expanding Channel and a Support could be gained around the 1220.00 pivot.
Mining Sectors (GDX) appear to finalize their Corrective Structures.

Fibonacci Projections:

Minuette (i) (black) reached the previous Vibration Levels and the 1220.00 Pivot.
Minuette (ii) (black) retraced aggressively (typical Zig-Zag Structure) towards 50% Fibonacci Retracements of Minuette (i) (black).
Minuette (iii) (black) could develop a Rally towards 1236.00 and/or 1248.00 Levels, which are also the 100% and 161.8% Fibonacci Extensions of Minuettes (i) & (ii) (black).

XAU/USD – Bullish Impulse - BUY Position:

Entry – 1216.60 and 1220.00 range (or Market Execution if Aggressive)
SL – 1207.00
Targets – 1236.00 & 1248.00

*Safety Measures:

When in the green, moving SL to break-even or in profit.
If Conservative, waiting for Bullish Impulse confirmation and looking for a Flag formation.
Many pips ahead!