When we analyse the price of the gold fundamentally, it shows that gold is apparently in a very bullish market with multiple major financial institution providing a high target price. Based upon fib level and elliot wave, we can draw up a potential long trading plan for gold targeting at the end of the wave 5
triple top is confirmed as the breakout to the downside. The move by the US president bring uncontrolled risk to the investor of tencent and resulting in possible further drop. Beside, the technical also suggest the target of 48x in reach after the breakout confirmation of triple top
a breakout would happen soon on gold. either it would go down to 1960 before breakout to the upside or go straight up, long would be the only position you want to take.
if the hs pattern does not form, we are expecting a reverse trend to the downside
do not miss the good short opportunity on eu
long at the e position soon
it is predictable that eur/usd would break out soon
potential long position at the bottom of the triangle is recommended.
based on elliot wave theory, retracement would happen soon on tencent and a big increment is expected in upcoming future
bullish on gold, it is gonna reverse after the consolidation process definitely, it would reach 1800-1809 then lead to a big drop
gold is shorting in the 4 hour channel
we can see the retracement while the bullish movement of gold to 1800 but it would not affect its long term bullish position. A big drop would probably happen at around 1800 as it is hitting the top of the parallel channel.
shorting gold now. long term bullish to 1800
it is not following the correction wave and it would go up