Gold medium-term waves

Updated

In last short-term analysis I used Elliott Wave:

This chart maybe more exact I think, that suggest a short-term correction to 1450$.
Keep in mind that long-term outlook is still Positive and if this analysis remain valid, next upward wave could last to 1750$.

Gold price for economic and political risk increase scenario

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All chart analysis is nothing without a sound fundamental reliability. One Important thing is Brexit without deal that may raise economic risk in EU and Gold price as well. So the correction scenario have medium to high probability but not very high. Anyway long-term bullish is major trend here...

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A rest here. If this level break than the correction may last to lower than 1400$...

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Here we go...

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I love risk!
Above chart is high in risk too. In day trading matching tiny waves with major trend is not easy. Here we face a transition point for gold in short term. it may goes up again and create another upward wave too (based on fundamental situation).
Here are two important zones too watch price movements:

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Now you can see last chart better :lol:

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First resistance level on last suggested position:

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I got 40% profit with mildly high leverage out of these two positions

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corrected the brown zone position. Seems more tendency toward blue zone here. first wave toward (a) passed and waiting for more. 1502$ R is very important here

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30min chart
Below S2 (~1500) is a hole...

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Another high RISK position:

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By saying high risk I mean here is a transitional stage and recognizing the reversal point is very challenging. Stop loss is a tool for controlling risks.

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Middle East tensions caused oil price rise. In very short term cause money flow toward oil markets and limited fall in others that react to it in relatively longer periods.

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OK. Last night suggested position is doing well, with my mid-high leverage trade account got ~80% profit.
Now note that the horizontal blue line is major trend bullish fibo level 161. The bright dashed line is the third green wave's trend line. Breaking both of them is a sign of more falling price. Gold hasn't fall completely in the hole that I mentioned above.

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Note about above chart that in 15min time-frame, volume is declining and impose more risk of a minor trend switch. TP in safe levels, still be in trade zone ;)

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Well, dashed line acted strong, now is blue dashed Gann Fan turn.

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How about this?

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Note the ADX and DI's divergence.
Also the white dashed line.
One of them is lying...

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Spent last week with tough fundamental numbers. Most of the world do worse than expected, USA less than others. First day of the weeks was tough too. All of this means CBs gonna adjust policies and try to calm down markets. For this a rest period is probable and we are in it.

This is another version of the analysis, based on CF. It's a test and I'm working on this setup...

The green dotted line is monthly GF and the most important S in the chart. Blue line important R.
Lets see what happen...

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Long time no update here. Last chart worked perfectly!! The white line pushed the price that low we are here these days (1450 - 1460). And as you can see after price reacted the c point of EW corrective wave (adjusted on last updates) faced a resistance and a little pullback, not strong enough yet:

You see new Setup, ha? :D
This setup is output of a great co-work with a dear friend, most importantly based on my exclusive signal algorithm. If you wanted a signal, feel free to PM me here, the price is very low :D
Anyway, what do we go? last night I though the c point may not be the end of bears, but my Sep projection beat me there and c acted like a mirror :D But does this mean we are going toward green zone? We got some bull signals but based on fundamentals there's not any straight forward signal, not yet. I'm a little on green side based on my algorithm, but in different TFs we have mixed signals. a little to go to be sure what is happening...
See you soon.
Have best trades.

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Closing to the green zone, as I said that was more probable...now we got cautious signals in fast TFs:

Shortly we will see if it do another jump to the green zone or not. There I see an opportunity for a pullback.

Have best trades.

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On target zone:

;)

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About one month after last update, you may be curious what happened to our projection and our signal algorithm. Well here it is:

For almost 20 days price tracked the projected trace.
And as you can see we updated the code. We'll talk about the setup of it soon.

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It became 3 month and 4 days after publishing the post. Still don't need to publish another one.
Here is the core of out trade algorithm. It forming something like a S/R setup:

Based on this setup on 1H chart, we see the critical levels for an up or down move and right now price is showing some bull tendency. Bears are below 1461.5-1460.5. this could be the Bulls we waiting after reaching the (c) point in the corrective EW.

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So far we got here

A lot of similarity here. High chance of an upward move...

DarkWaveHunter

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