Similar to a few other ideas I've just published. This setup is based on fundamentals, specifically the Fed's rate hike, and a potential relief rally.
Gold has sold off since Oct 15 without as much as a 23.6% retracement. Earlier today, the metal was unable to break to new lows and is showing a bounce accompanied by strong momentum.
Buying dips towards 1050 here is preferred as we could see pressure alleviate from the metal now that the fed is out of the way, as we correct higher against the down trend.
Gold has sold off since Oct 15 without as much as a 23.6% retracement. Earlier today, the metal was unable to break to new lows and is showing a bounce accompanied by strong momentum.
Buying dips towards 1050 here is preferred as we could see pressure alleviate from the metal now that the fed is out of the way, as we correct higher against the down trend.
Note
The high above 1080 completed wave A of circle C. If price falls below 1066 we may see a deep retrace as low as 1055 before turning. Setup is valid as long as Circle B wave lows are intact. The break to new highs in Silver (XAGUSD) adds further conviction to this setup.Note
Price retraced from 1080 highs and has reached 1060 in wave b. 4H showing some signs of holding. Adding to the position here. If 1060-1055 does not contain price, the setup is invalidated.Note
A lot of Tradingview members starting to post bullish Gold charts over the past 24 hours. As per the wave count, we are in wave C of C. So far momentum looks good and we have traded past the 38.2% fib, will hold on to the long position from 20 days ago, but will be watching closely for reversal signs, and ready to switch positions to net short if a clear signal presents itself.Trade closed manually
Closing the trade here. As per previous comments, the wave count indicates it was in it's last legs. The daily and 4H showing some reversal signs. There's a good chance it can pull back and go higher again, so I'll be on the look out for another setup if one presents itself. In the mean time locking in profits.
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.
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.