Gold bounced nicely last week i am considering this wave as an impulsive wave, current retracement is limited near 1740 with a stop loss at 1732 and target at 1780. high risk trade!!
the pair is finishing an intermediate 5 waves cycle that will label the grand cycle wave 3. the resistance area is expected to start near 1.2260-1.2290. a three waves pullback is expected to retrace and retest previous wave 4 near 1.2060. we will be looking forward to buy the pair again to target new highs finishing wave 5.
Gold is probably going to start a minor pullback to finish a corrective wave 2) that will be an opportunity to long again, as you may see in the chart above my count is impulsive, as i see gold may reach 1901 in the near term, and if broker 1057 again. wave 2 can retrace 61.8-76.4 % of wave 1 that means the invalidation level is going to be near 1820's. if my...