Xau: A revised outlook based on pattern formation
Refer to chart. Currently displaying a 3-3-3-3-3 corrective pattern in an uptrend. Going long from 1290-1295 should be a reasonable R/R With SL below 1275 for target 1445. This is a wave analysis Outlook only With some gann Levels incorporated
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This also mean that you could go long to 1337 and short from there to apprx 1300. From there I wouls start build long (1302 to 1290).
Trade active:
short
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Yes, xau use a lot of pointless time going sideways. Be patient
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If this model is right, xau is setting up for a relatively big fall one of the coming days.
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Price has still not reached the lower bound. Further patience recommended before acculumulation can start.
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Still waiting... :) Patience.
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Approaching...
Trade active:
There! :)
Trade closed manually:
Not Clear hold of 1293. Price moving around. I prefer to be exact in my entries, and it is trading currently at 1292, so awaiting further price action.
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There is a potential very bullish setup forming in gold if the current 200 daily cycle is holding as I expect it will. I will long Call options on opening.
Trade active
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I Wonder what the Public will want to blame for gold's rise? Trump and Kim Meeting? Fomc? Let's see what it will be.
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Time is very close to be used up for sideways crawl, so a small catalyst can ignite the move.
Trade closed manually:
Again, discovered an Outer bigger cycle that is not Complete until end of June. That the bigger cycle is still at work is evident by the sideways, downward movement. Either price has to Escape the greater cycle by going above 1303. Better safe than sorry.
I have GBP / JPY rising till end of June too, and since that implies weakening JPY, the gold may be weak going forward.
I have GBP / JPY rising till end of June too, and since that implies weakening JPY, the gold may be weak going forward.
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It is evident that both cycles work in tandem now With the pointless sideways movement. If one cycle "wins" over the other, the price might suddenly move a lot. Better option is to wait until time is up and take position. Here it is very risky to be positioned.
