Quick last bearish drive on Gold before bulls take over.
Time for a retracement? Not far from my projected 142.50. After a strong bearish week, i will be looking to counter trend trade as we go into this week where i believe 145.000 should hold and we should retrace to 147.500 to retest it.
This pair will confuse alot of people because it is at regions where it can go anywhere. My bias will remain bullish towards 152.000 unless i see a break of the ascending trend line in the hourly and 4H time-frame. This bullish rally will be the last then the bears will take over and drop price to lows of 142.50.
150.000 looking like a high possibility.
Simple short on USDCAD. D leg completion of the ABCD pattern in 4H timeframe.
simple short of USDCAD, technicals. D leg for the ABCD pattern in 4H timeframe.
A very long term projection that will take a while to play out especially because the two pairs are heavily affected by fundamentals.
Perfect opportunities showing up in the one hour. First target is 148.880, which if broken and retested we shall see another long trade opportunity that will get us back to 150.000
Past 3 weeks, with the first two showing strong bullish momentum and the third being a pullback, I expect this pair to continue its bullish momentum to 1.71400 of which if broken we can meet the target of 1.74204, patience is key.
After a strong 2 weeks of bullish momentum,it may be the time for a pullback as we seen last week, and maybe this week. But we should see that 1.74200 being met if 1.71400 is broken.