Gold - Climb aboard, strap in & hold on!
Updated
Gold has shown a confluence of key level, a strong Elliot cycle completing and a bullish PINbar signal at key support, which includes the 200 EMA & 61.8% retracement levels. Low risk entry at a key level, with bullish signal but counter current trend. 21st day of Daily Cycle. Likely DCL is now in place. High volume on the pinbar day, RSI oversold and reversed, TSI crossed from oversold. This is day # 21 of the daily cycle, with day 22 being a typical bottom. Targeting a new entry at 1271 with a minimum target of 1303 within 14 days. This reversal has the potential to challenge all recent highs and blow the doors off the 1360 level. Let's see where this rocket ship takes us and who has the stamina to hang on for the ride.
Note
$1,300 is likely in play. My target range is 1298-1303, if reached, lock it in and let it ride. Let's see what next week holds in store, should be good.
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