1377.5 is the key level--from that top I have counted wave -1 & we are moving back to same level (current price-1367 $)...
Currently, there is sideways movement..if recent swing email@example.com$ 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 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 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 gets broken & Gold starts moving below 1355$---look for C-Wave Down or 3rd Wave....In both scenario--Gold will be once going below 1355$....
Abhishek H.Singh, CMT
Current Price--1341.5$...Regards, Abhishek
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ