Short

XAUUSD corrective structure

Updated

Gold broke low and came to find support at important fib level. Price now looks to move up in a number of smaller waves before another larger move lower. Be wary of another move lower if price should break low, as that would invalidate this count. If price holds, look for move up toward sell zone. Be careful taking long trades here, price will be erratic. If you are unfamiliar with trades against the trend, stay flat.

Trade wisely

Note

It has taken a while, but it appears price moved into the sell zone. I had meant to get this out last night, but that didn't happen. Watch for break of longer trend, to stay short to target zone.

Trade closed: target reached

Short trade has been closed as target of 1170 has been reached. A move upward should now be in the works. This move may be one of two things, a short term retrace with a much deeper drive lower, or it could be a move up past the previous high near 1400. The structure of the move up will dictate whether the bias is down or up.

Stay tuned for more, and as always,

Trade wisely.

davidchalker

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