August is good time to reverse before US elections.
Yellow metal has room to drop until range of 1265-1250, USDx has already eager to run alittle bit higher. at the end its all folks. play safe.
In the big picture gold weekly closed in the limits of big triangle. Next week, due to expecting high volatility it is acceptable to hit price around 1370-1377. Next weekly closing price must be under 1350.
Dont forget today is FOCM day. idea is valid if the market understand from the Yellen's speech that there will be total of 3 rate hikes in 2017.
if RSI crosses its uptrend line idea is expected to be avaible.
According to idea; if it breaks uptrend (@1206-1200) we may see a good fall till March.
Fibos are doing good job. 1st rejecting then allowing to pass. now today considering FED meeting 1120 may be decision level for gold. At this point of view if it break 1120 down clearly we may not see a bullish setup till end of Feb 2017. My long term expectation is Trump will push his governmental management limits aggressively and this will be a good trigger for...
No indicator. No Calculator. Thats what i see on chart. Wave-1 completed with its correction and Wave-2 start with its impulse. Brexit impulse is irregular and only a baloon part of Wave-2. According to this point of view correction may go on and kiss around 1220 within this week and may try to set up there. My idea belongings are: there sees no incredible event...