Gold Futures--Looking to Melt... first push & fall below 1355$..

Aug 4, 2016

(L-S---Long First & Later Short)

1377.5 is the key level--from that top I have counted wave -1 & we are moving back to same level (current price-1367 $)...

Currently, there is sideways movement..if recent swing high@1371.5$ is taken out - Gold will travel close to key level 1377$ - but make sure it should not go above 1377.5$ -otherwise its a violation of elliott wave rules...(2nd wave cannot retrace more than 1st wave)--Incase that happens --I will switch to alternate count as A?---B?(shown in blue)...Then also we will expect C? wave down once the rising trendline gets broken.

Trading Strategy 1-- Look for a push above 1371.5$ ---close to 1377.5$ but not above 1377.5$ otherwise alternate count gets active...

Trading Strategy 2-- Once Rising Trendline gets broken & Gold starts moving below 1355$---look for C-Wave Down or 3rd Wave....In both scenario--Gold will be bearish once going below 1355$....

Regards,
Abhishek H.Singh,CMT

Aug 5, 2016

Trade active

23:59 Hrs--IST--5th Aug2016--- Gold is currently Trading at 1338$....MCX Gold & Silver both have crashed...Regards, Abhishek

Aug 8, 2016

Trade active

15:15 Hrs--IST--8th Aug 2016--- Crash Crash ....1335$ ...Awesome Fall from 1355$...20$ Down...........Take the Baby MCX with you.....

Regards,
Abhishek H.Singh, CMT

Aug 8, 2016

Trade active

18:00 Hrs--IST--8th Aug 2016-- Current Low@1335.30 is the pause & possible bounce back to the zone 1346--1352 $ as retracement before it falls again...
Current Price--1341.5$...Regards, Abhishek