Nice to see you again. Last year we saw a strong fall after US election that eased 70% of the gain in gold and we closed the year around 1150. This means gold averaging the price around 1180 in last three years and this gives a beautiful result showing gold maintaining it's price steadily over years.
I took physical gold purchase at 1180 that's the average and stable price over years. I have an oder below 1050.
Let's discuss the price action which I expect to achieve in this week. I am expecting a correction or continuation of BEAR from 1243 area. The price range for correction and bear move should be 1243-1200-1180. I also expect this bull move should continue towards 1285-90 once we breakout 1243 level "after correction". At this moment I have seen following technical patterns and scenario
Completed Harmonic Pattern BAT with right wing 1237
Emerging Harmonic Pattern ALT BAT with right wing 1243
Final 5th wave of C with triangle 4th targeting 1243
Emerging Harmonic Pattern Butterfly with right wing 1285 (seed stage)
Wish you all Green pips
Komentar
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I would like to share a diversion here. No confident to take this at the moment. But Should follow where we see weakness in Price Action.
Komentar
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On my previous count I was expecting 4th Wave, which is not happen. Most likely the wave seems to be extended. I prefer this at the moment
Komentar
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The bear in me is very brutal ..! Ha Ha. Just a thought. Not recomended
Komentar
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Gold not reached the target yet.
But UJ got the target
Trading ditutup: target tercapai
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Wait for another idea
Komentar
bhsencer
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So, are you suggesting one more deep (correction) toward 1180 and after that gold would break to 1243 and ends up at 1285-90. Did I understand the idea?
Thanks
VRShaiju
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@bhsencer, @bhsencer, 1180 target can come any time with a reversal between 1243-58 levels. In case the bear momentum does not exceed 1194 then we see 1280-90 without any problem. I am suggesting watch this hidden TL. Strengthen your longs after we get a clear breakout towards 1258. The current wave structure showing a deep correction after making a high.
Take a look at the reversed chart. it suggesting we required a correction. 1245 is March open price. we are now at the same price. This means we averaged the price to make gold price steady. All the actions we got in March is erased with "zero sum game" Beware the yearly average of gold is 1180
i would agree with you in short term. but i'm wondering if it can fall so deep. next monday is crucial for trending. imo, swing or keep moving up could be the trending in next season
VRShaiju
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@faylee, I still believe we fall around 1285-90 back to 1080. Which is now can count a AB=CD. 200$ = 200$ Too early to conclude
ThunderDarkly
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I really like that last chart,im also looking to short around 1245. Nice post!
VRShaiju
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@LAGUNE, Thanks mate. I am too enthusiastic on gold right now. Required full attention to trade this slowing down price action
Thanks