Short

Gold Futures / GDC / XAUUSD / ETF - GDX - Bearish

Updated

As per my previous post on Gold, the current price action is creating and symmetrical triangle on the daily chart and as we can see PA rejected off from the .786% retracement.

With daily rejecting off 1968 levels confirms there is more downside remaining and the break of below triangle trendline will open up targets of 1894 and 1834.

According to Elliot Wave, we completed 5 waves in May 2023 and currently the PA is printing an ABC Zig-Zag pattern.

RSI : Below 40 will trigger more shorts.
MACD : Is still below 0, suggests bearishness.

Candlestick Chart:

If price action breaks 1947, next target for TP is 1934 and 1924.

On candlesticks we have two patterns - 1) Bearish Harami 2) Evening Star doji.

https://www.tradingview.com/x/6rINVUSL/

According to my trend analysis indicator, we are trending sideways between 1919 and 1974 levels.
https://www.tradingview.com/x/qLHOPLFi/

My previous posted Ideas on Gold.

Note

Profit target of 1934 - Achieved, now if price rejects 1945-50 level again, we will be selling for the downside target of 1921.

In case of Gold 1916 level was achieved, rejection from 1924 will take it down further to 1900 level.

Aman_FX

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