Gold - Forming ABC Correction
Gold broke the neckline of H&S mid June. Now is retesting this line and possibly tagging the 100MA on the 4H chart to complete the B wave at the top of the downtrend channel and produce the final leg down to the H&S target which is placed at 1223.
Ichimoku cloud will create a resistance on 126Xs area.
In this extended 6th month rally gold still needs a fail DCL to go below 1214 and produce an ABC correction which I believe is in place.
Dollar looks ready to rally 2-3 weeks with massive drop on commercials shorts.
Fundamentals ahead: GDP (next week), FOMC Minutes, NFP (in two weeks).
PD. Waiting for the best buying opportunity on summer but first ...
Ichimoku cloud will create a resistance on 126Xs area.
In this extended 6th month rally gold still needs a fail DCL to go below 1214 and produce an ABC correction which I believe is in place.
Dollar looks ready to rally 2-3 weeks with massive drop on commercials shorts.
Fundamentals ahead: GDP (next week), FOMC Minutes, NFP (in two weeks).
PD. Waiting for the best buying opportunity on summer but first ...
Trade active
Holding shorts and pending short order at 1264Note
Adding here ...
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.