Pretty simple trade, I saw a beautiful GOLD DOWNTREND BREAK OUT, So im expecting some bullish movement. In the LIGHT BLUE zone it will be a good short area! because it is a weekly area!
It has been a pretty deep six month correction in OANDA:XAUUSD . The only valid interpretation of this corrective move in accordance with Elliott theory appears to be a double zigzag W-X-Y .
This double zigzag subdivides into two actionary zigzag waves A-B-C intervened by simple reactionary X , which is a corrective wave itself.
According to an introduced...
Gold - XAUUSD is Possibily forming an Ending Diagonal in a Wave c of a-b-c correction which will also potentially complete Wave B or 2 of larger Wave Count completing the correction of over all rally from 1150 to 1375. Gold has corrected in a 3 wave decline and is not around 61.8 fib retracement levels. MACD is giving Divergence on smaller timeframes 240/60 giving...
Gold showing some stiff resistance around key 1160 level. It is currently displaying long opportunity back up to 1181 key Fibonacci area and possibly beyond before we continue lower.
Gold has finally Reached inside the support zone and is losing bearish momentum.
Im expecting a retracement back up into the grey zone which was once support.
Stops can be placed just under structure once entry is confirmed
XAUUSD/GOLD seems breaking out the 161 EMA line, crucial support/resistance we follow to determine GOLD's overall trend. If it can break up we will take a long.
You can check our detailed analysis on XAUUSD/GOLD in the trading room/ Executive summary link here-
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Time Span: 4:10"
Trade Status: Pending
