Gold: Prepare to short or lighten your longs
From my previous analysis on 1st Oct saying that Gold is taking a break, it did a sideway correction for the next 6 trading sessions before pushing up again. That was a "neutral" call. Now, I see that Gold is reaching wave 3 target of $2801, meaning there should be a meaningful enough wave 4 correction to go short or at least lighten your longs.
There is a convergence of 3 Fibonacci extension levels around $2801, plus completion of 5-wave structure.
There is a convergence of 3 Fibonacci extension levels around $2801, plus completion of 5-wave structure.
Trade closed: target reached
I believe that Dollar strength has peaked and thus closing this idea prematurely.
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Disclaimer
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.