I'm looking for a consolidation followed by a Buy opportunity for gold. First have a look at the bigger picture for context. I'm looking for a long term bottom but there is still a serious probability that this long term bottom isn't in place yet.
I've counted the current move on the 4hr chart as an A-B-C where wave C is currently in progress. We have to keep in mind that in case Gold really decides to take off this will most likely change into a 1-2, 1-2-3 pattern where the move started with an extension (A-B ). However that is too soon to tell and not relevant for the next possible trading opportunity.
I'm looking for a consolidation as shown by means of the 'bear-flag' /'channel'. (this is only an indication). I will look to buy the next impulse to test the upper long term trend line (black).
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Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.