Gold has ben in a continuous downtrend. which consisted of 5 downward impulsive waves. It is yet to be decided rather the impulsive waves are Elliot Impulses or Extending Diagonals. In case it is Elliot impulse waves, 1700 - 1705 is the region from where we should see a bounce which is the range of 100% extension of wave 1. In case we go lower, then it can be assumed that the impulsive waves of Extending Diagonals in which case we can see Gold anywhere below 1667$ which is the level of 100% extension of wave 3.
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I am expecting the sub-wave structure of 5th impulse wave to be as shown below.Trade closed manually
The recent Price action is indicating that we can see lower ranges, hence i am closing my GOLD long in small profits.
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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.