GOLD- Looking for New High above 1377$

Oct 9, 2016

It's a corrective W-X-Y Pattern where Y-Wave completes 161.8% of W-Wave in the zone 1335-1340$. We need market confirmation which can be looked as buying opportunity going beyond U.S. Elections & Above 1377$ which will be my initial target zone going ahead.

Trading Strategy
We should wait to see some buyers coming into the zone 1335-1340- once confirmed-prices hold the zone of 1335-1340$ then yes it could be better considered as demand zone.

Regards,
Abhishek H. Singh, CMT

Oct 9, 2016

Note

23:06 Hrs 9th Oct2016

Typing Mistake- Zones mentioned above are 1235-1240$ zone instead of 1335-1340$ zone.

Oct 10, 2016

Trade active

10:29 Hrs 10th Oct2016

Gold Opens Gap Up Trading@1265$ -we want this candle to sustain

Oct 12, 2016

Trade active

18:52 Hrs 12th Oct2016

Trading@1257$

Going above 1260$- it will leave tripple correction backside & shall travel 161.8% of the wave -((i)) from 1243$ -which comes to 1289-1290$ range.