Looks to have finished wave iii of c of D (of triangle B) and now rebounding in wave iv towards 1268-1274 area before another leg lower towards 1200-1225 to finish c and D.
Sell 1270 stop 1285 target 1220 coming weeks
Sell 1270 stop 1285 target 1220 coming weeks
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Gold entering potential BUY zone between 1200-1225. Watching patiently for signs o a turn/short term bottom for a potential 5-6% rally in a wave e of big wave B)
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Patience is key. A short/med term bottom is either in place or poss on next swing low. A pullback from 1230 that stays above 1211 might be worth a long play with a stop below 1211 looking for a potential wave e of the big triangle B) of circa 6%-7% back towards 1300 zone. Then we would look for a potential longer term position trade (30% type move).
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Having looked at s/term swings it may be that we need one more swing low below 1211 possibly closer to 1200 before looking for a med term buying opp.
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Key week coming up in Gold I think.
Given consol last week we could still see one more low below 1211 closer to 1200 before a med term larger rebound (at least 5-7%). If we trade below 1216 I think we get that further 1% lower move.
Above 1238 however would suggest a low already in place for a minimum few weeks bounce towards 1260-1300 zone.
Given consol last week we could still see one more low below 1211 closer to 1200 before a med term larger rebound (at least 5-7%). If we trade below 1216 I think we get that further 1% lower move.
Above 1238 however would suggest a low already in place for a minimum few weeks bounce towards 1260-1300 zone.
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Maybe another marginal new low coming in Gold before a big bounce imo.
Can try to buy around 1201 with a stop 1% below and an upside target of at least 5%.
Can try to buy around 1201 with a stop 1% below and an upside target of at least 5%.