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Gc!1

Gold, D1 - possible irregular or running correctionBecause the price of gold has reached a new high, we have to change the Elliott wave count from a simple corrective pattern to an irregular or running correction. Only in this type of corrective patterns, the new high may be reached as a wave B. This wave also consists of three sub-waves. What is more, the upward movement has stopped at the upper limit in an upward channel. This could be a significant resistance area. Thus, the price of gold may retrace to the lower limit of the channel or even lower to the area of 1565 - 1442 USD. ________ Daniel Kostecki, Chief Analyst Conotoxia Ltd. Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
COMEX:GC1!
by Daniel_Kostecki
Trade Idea on Gold by ThinkingAntsOkWith this post we are not saying, "The price will start a bearish movement" What we want to express here is: IF the price starts a bearish movement (that would mean that the resistance zone was strong enough to make the price Re-enter again), We will trade it in this way. Main items we can see on the Daily Chart: a) The price is on an ascending channel b) Currently against the higher zone of the channel c) On the Same zone, we can see a Huge Resistance zone, that worked 3 times on the past d) We don't know yet if the price is going to break the level and start a new bullish movement or if the price will re-enter again on the range e) IF the price re-enter on the range, we will wait for the breakout of the ascending trendline + corrective Structure f) IF that happens, we will develop short setups towards the next Support zone.
COMEX:GC1!
by ThinkingAntsOk
Possible Correction on GOLD (GC) by ThinkingAntsOkUse this as a guide to develop your view of the chart. Main items we can see on the 4hs chart: a) currently, the price is on a Support zone b) On that support zone, we expect a reaction towards the broken ascending trendline c) From an Elliott perspective, we have a full count 12345 and now is correction time d) How is a correction composed of 3 Waves ABC now we are on A and we expect B to come e) If that happens, we should expect a final C before the continuation of the bullish movement.
COMEX:GC1!
by ThinkingAntsOk
A look into the Weekly Chart on Gold Futures by ThinkingAntsOkUse this as a guide to develop your view of the chart: Main items we can see on the weekly timeframe: a)The price has achieved our Weekly Target which was the Fibo Extension of the 3rd Motive Wave / On the same zone we detected a resistance before 2015 b)Now we expect a corrective Structure similar to the previous one. From there, we will make new conclusions c)By now, our only task is to wait and have enough information to develop a new setup (check the link to related ideas to see the previous forecast.) d)Using Elliott Wave Theory, we can conclude that the five motive waves are completed, and a correction should come.
COMEX:GC1!
by ThinkingAntsOk
2
Daily Analysis on Gold Futures (GC) by ThinkingAntsOkUse this as a guide to develop your view of the chart. Main items we can see on the Daily Chart: a)Our Count for the whole movement is a 12345 with a 5th on process b)Currently, we are on a corrective zone, similar to the previous one (check the circles) c)We think that the current corrective structure is a pennant pattern composed by ABCDE with a D on the process and a C remaining. d)We will be waiting for the finalization of the corrective structure before developing a long trade towards the Daily Target. Weekly Vision:
COMEX:GC1!
by ThinkingAntsOk
2
Daily Analysis on Gold Futures (GC) by ThinkingAntsOkUse this as a guide to develop your view of the chart. a)Our Main analysis on Gold is the Elliott count (12345) with a remaining 5th towards the Fibo extension at 1640. b)Currently, we forecast a correction similar to the previous one on the chart c)We will wait for a clear shape before developing new trades on Gold d)Our objective is to catch the next motive way towards 1640 with a risk-reward ratio equal to or higher than 1.5 e)By the moment we will keep waiting until this formation is clear enough to start thinking on the long setup.
COMEX:GC1!
by ThinkingAntsOk
1