XAUUSD looks like it could potentially turn bearish and push down to $1400. With the help of the global pandemic COVID-19 and the likelihood that less physical Gold will be purchased, we could possibly see the market open bearish and begin a C wave within a 12345ABC pattern. It's important to note that there are many fundamentals which may get in the way of this, such as precautions the US are putting into place to help their economy (although fundamentals are irrelevant when trading Elliott Wave). This week will also see the release of Non-Farm Payrolls which will likely affect the market at week end. It's best to see how the next daily candle open and closes before entering any short positions. Note
Currently 500 pips from market price at upload time. I am now in the trade 150 pips up in profit.Note
Trade closed: stop reached
Note
There is still potential for the downside. Gold looks to be making another leg higher for wave B first.
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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.