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OwenMohd

Gold: Friday 27, Jan (false bull and bear trade)

Gold Spot / U.S. Dollar (FX_IDC:XAUUSD)  
OwenMohd Updated   
FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
10
0
Gold rally from 1122 to 1220 made a perfect 5 wave move. Now its bearish mood for Wave 2's ABC on the daily.

I'm expecting wave A to end at 1182 (possible stretched 1177), then bearish retracement for B up back to 1200/1205, then a larger C wave down to the lows.
Comment:
Gold stuck under 1184. Longs at 1177 or below is better now.
Comment:
1 more wave I reckon. Watch out for double bottom though. Just like double top previously:

snapshot
Comment:
snapshot

One more wave down.
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