Hello everyone,
Gold currently confusing traders as it switches between correctional movements and speculative pullbacks. From a technical point of view the 2067 level is now very important for the next move, which I expect to be a short one. Only a daily candle close above can invalidate the short scenario which would have the targets 1980, 1920 and 1895.
The yellow triangle is a possible reversal zone for a wave 2 bottom and bullish move towards new ATH with targets at 2300 and 3000.
Looking at the big picture of Gold, it has been in a very long consolidation in the 1640 - 1980 range. So far every breakout attempt over the upper boundary has been sold within a few days. But with the break above 2000 related to the middle east conflict Gold was able to stabilize above 1980. Most likely the 1980 will be retested to built liquidity for a bullish move first.
I suggest to go short to anticipate in wave C of wave 2. The reversal zone for this move is the current resistance 2060 - 2067.
I will keep you updated if I see conformation or trading opportunities. If you have any questions feel free to contact me.