We wrote a couple weeks back on Gold breaking out to the upside. After giving the market a few days to develop its waves, it appears a bullish 5-3 sequence has unfolded to the upside. This presents a higher probability scenario that we may see at least one more 5 wave sequence higher.
That means we probably have room to $1190 if not higher based on the longer term count from 2 months ago.
Wave Count - Suggests at least 1 more 5 wave sequence higher
Wave Measurements - A move above $1200 builds the case we are in wave iii. Traders can add to their position at that point.
Sentiment - SSI is showing +1.35 which is fairly tame. We saw in late August the SSI reading turn negative and I would anticipate a similar outcome if this move develops.
Bottom line, we're anticipating a wave iii move towards $1245 while $1090 holds.
Also, based on our other bearish views on EURUSD and GBPUSD, buying Gold while selling EUR or selling GBP (essentially long Gold/EUR or long Gold/GBP) may be a paired trade to consider as well.
That means we probably have room to $1190 if not higher based on the longer term count from 2 months ago.
Wave Count - Suggests at least 1 more 5 wave sequence higher
Wave Measurements - A move above $1200 builds the case we are in wave iii. Traders can add to their position at that point.
Sentiment - SSI is showing +1.35 which is fairly tame. We saw in late August the SSI reading turn negative and I would anticipate a similar outcome if this move develops.
Bottom line, we're anticipating a wave iii move towards $1245 while $1090 holds.
Also, based on our other bearish views on EURUSD and GBPUSD, buying Gold while selling EUR or selling GBP (essentially long Gold/EUR or long Gold/GBP) may be a paired trade to consider as well.
Test your Elliott Wave readiness.
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Related publications
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.
Test your Elliott Wave readiness.
Free assessment + bonus training videos customized to your score:
qwiz.seethewaves.com/ewreadiness/p/tv1
Free assessment + bonus training videos customized to your score:
qwiz.seethewaves.com/ewreadiness/p/tv1
Related publications
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.