Where is The Gold Price Going? XAUUSD Analysis by GBM
Updated
Watch the full video analysis here: youtube.com/watch?v=km8lkVzQau8
So the big question many of my clients have been asking is, where is the gold price going? Well contrary to popular belief, I believe that we may see a strong move to the downside before we see gains in the price again.
There has been a structure break to the downside on the daily time frame, after a 3 wave completion:
There has been a repeat of this on the 4hr chart:
I entered the short on a smaller 1hr flag break and have set a target based on the initial impulse of the current 3 wave move on the daily time frame. At that level I will wait for confirmation of either a continuation to the downside or a trend change.
You can watch the full video analysis here: youtube.com/watch?v=km8lkVzQau8
Happy trading!
So the big question many of my clients have been asking is, where is the gold price going? Well contrary to popular belief, I believe that we may see a strong move to the downside before we see gains in the price again.
There has been a structure break to the downside on the daily time frame, after a 3 wave completion:
There has been a repeat of this on the 4hr chart:
I entered the short on a smaller 1hr flag break and have set a target based on the initial impulse of the current 3 wave move on the daily time frame. At that level I will wait for confirmation of either a continuation to the downside or a trend change.
You can watch the full video analysis here: youtube.com/watch?v=km8lkVzQau8
Happy trading!
Comment
I expected to see a corrective structure on gold before the downward continuation. There was a 3 wave correction and then a break of that to the downside. I expect to see a small consolidation around the current levels and then a move towards our target area. You can view the chart here:
You can view the full video analysis of this setup here: youtube.com/watch?v=dBO-8V9FUaA
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Happy trading!
Comment
The Gold price is trading at our initial target area. I am moving my stop loss further into profit.I am not closing this position at this target level because I have further targets to the downside. I will wait for confirmation of a reversal in terms of a smaller structure formation before closing this trade. Alternatively we will see a continuation to around the 1180 level.
You can view the full video analysis here: youtube.com/watch?v=8-5_-BQUldo
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Happy trading!
Comment
Target at 1217 hit perfectly.Waiting for confirmation of direction from here.
Happy trading!
Trade closed: target reached
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