Gold trading is in bearish mode recently but in overal big picture the up-trend is still constructive. Possible support zone around 1290-1295. Let's see if we get there.
We will be consider to go long if only the price manage to have a clean break above the 23.6% fibo .
Another good area to go long would be at 1300 if price fail to break about 23.6% .
Technical wise , Price is still well above the 200 EMA .
Be Patient , Do not rush to take a position .
Let the price come to you .
Just sit back and relax .
Feel...
Strong resistance level become strong support level ,
if price hold this support level
daily close above 1292 ,, then this perfect level to buy for long
Buy at 1292 level and stop loss below 1275 and tp1 is 1325 and tp 2 is 1355 level .
Good luck and Trade with care
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In the last update I shared my view that Gold should rise up for the 5th Wave to complete the circled Wave 3 which it has.
Alternate count in Green.
However at this point it seems that either that Wave 5 is a Truncated 5th or that it is Wave B of a Flat correction.
This is all evident to the fact that the double bracketed Wave 5 looks more like a 3 leg up.
Hence...
So far gold has been moving nicely around in this channel. Indicators show that price might decline to the lower range at 1245 at this point either the range will break or there will be a bounce back up that will got above 1300. However we also see that in the past the price already bounced back up halfway the channel. Since the current price is also halfway the...
This is only a trading capability - no recommendation !!!
Next week i`ll confirm or change my opinion about this SetUp :)
Buying/Selling or even only watching is always your own responsibility ...
Best regards
Aaron
This is only a trading capability - no recommendation !!!
Buying/Selling or even only watching is always your own responsibility ...
Best regards :)
Aaron
