ABC Corrective Wave + Forming Bearish Gartley of Gold to 1303
In my previous 2 posts in Chinese edition on Sunday, wave analysis were presented in 1H chart, and successfully predicted the reversal of gold price near 1261.
Fundamentally, with the rising of uncertainty caused by geographical tensions in Turkey and North Korea, Gold rebounded very quickly from 1261.
According to the wave structure, if we hold the idea that Fed is about to raise rate which is negative to gold, then just regard the rebounce as a ABC corrective move, a correction to previous 5 wave structure from 1358- 1261.
U will find that price has just finished the wave A and now is in consolidation. 1285 has been rested this morning and becoming a support level together with 1280.
If the structure runs well, watch closely to 1292-1295 level.Price may meet some resistance near 1300.
If u already have long positions, time to take some profit when price is approaching 1303, as u can see a forming bearing gartley pattern there, which may trigger some sell orders.Will upate then.
And there is another situation goes that price will riding a rocket and hit over 1303 directly once "little rocket man" shoot some rocket toward his neighbors...
For my previous posts in Chinese, u can find the linkages below. I believe that u will get the idea from the chart directly even without knowing the Chinese texts.
Hope u enjoy your trades.
Fundamentally, with the rising of uncertainty caused by geographical tensions in Turkey and North Korea, Gold rebounded very quickly from 1261.
According to the wave structure, if we hold the idea that Fed is about to raise rate which is negative to gold, then just regard the rebounce as a ABC corrective move, a correction to previous 5 wave structure from 1358- 1261.
U will find that price has just finished the wave A and now is in consolidation. 1285 has been rested this morning and becoming a support level together with 1280.
If the structure runs well, watch closely to 1292-1295 level.Price may meet some resistance near 1300.
If u already have long positions, time to take some profit when price is approaching 1303, as u can see a forming bearing gartley pattern there, which may trigger some sell orders.Will upate then.
And there is another situation goes that price will riding a rocket and hit over 1303 directly once "little rocket man" shoot some rocket toward his neighbors...
For my previous posts in Chinese, u can find the linkages below. I believe that u will get the idea from the chart directly even without knowing the Chinese texts.
Hope u enjoy your trades.
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