I know people are very bullish with the yellow metal, in fact, everyone i know is bullish.... but something like this is a possibility. I think the easy part of the ride up is behind me and now I am being cautious from here on.
There's a difference between the XAUUSD and I was looking for around $1640 +/- on XAUUSD but GLD looks to be pretty toppy.
There's a difference between the XAUUSD and I was looking for around $1640 +/- on XAUUSD but GLD looks to be pretty toppy.
Note
Today was a good day for XAUUSD. Moves like this will attract a lot of people to hop on board. Check out the divergence forming. This is a weekly chart so it takes a bit of patient. As I said, my initial number is 1640 and I have a very tight leash on the long side until then.Note
GLD – weekly chartGLD is sitting at 200% of wave from (i – ii) = 152 area.
Usually wave (v) = .618% of wave iii (153) to .786% (157.65) area.
XAUUSD is currently at about 1620 area. 200% from wave (i -ii) is 1460.
Getting pretty close here...
Note
The number above write up is a typo - 1460 meant 1640. Anyway, Today (Friday, 2/21/20) XAUUSD hit my first initial target of $1640 area. How much higher could it go from here is not important and the exact high is unknown. There must be a trading system and the system is not about hitting the exact top and bottom. It's about identifying the swing trade opportunities with a defined parameters.
Both bullish and bearish scenarios are shown. I really don't care either way. Just looking for a confirmation to trade either way.
Note
2/28/20. On track
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.