GOLD Update, Sell signal.
GOLD is starting to repeat a pattern from November.
We had a drop from 1965 to 1850 then over then next week the market could only rally to the 382 then drop from there to complete the larger ABCD pattern.
Are we seeing history repeat here?
This latest move started from 1960 to the 1817 level. We are now seeing the same retracement Gartley pattern to the 382. The first pattern had a $50 rally to the 382 and if this repeats $50 would put us just short of the 382 with the smaller ABCD completing at 1876.
If you look at the bigger picture the final ABCD target is at 1650 and the 382 of the whole move up is at 1683. These would be great Buying opportunities but just see how it moves to start.
If it blows straight through the levels past 1920 then we will have a low in place. This is why I'm only using a small stop as any higher I will look for another entry.
We had a drop from 1965 to 1850 then over then next week the market could only rally to the 382 then drop from there to complete the larger ABCD pattern.
Are we seeing history repeat here?
This latest move started from 1960 to the 1817 level. We are now seeing the same retracement Gartley pattern to the 382. The first pattern had a $50 rally to the 382 and if this repeats $50 would put us just short of the 382 with the smaller ABCD completing at 1876.
If you look at the bigger picture the final ABCD target is at 1650 and the 382 of the whole move up is at 1683. These would be great Buying opportunities but just see how it moves to start.
If it blows straight through the levels past 1920 then we will have a low in place. This is why I'm only using a small stop as any higher I will look for another entry.
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