Since March 17, gold has been in a process of market manipulation, leaving us with good entry areas and key signals. As of May 18, 2020, Elliot's impulse wave formation begins with beautiful harmonic patterns and after finishing the cycle of (1-2-3-4-5) with good results, the wave process started corrective (Corrective point "A" exceeds "level" 4 "of the" impulse...
One could argue is that the period could be of distribution, but I think that gold is Bullish in the long term. As I have shared in previous chart, so this looks like another accumulation to me.
GOLD
Gold has crossed the major psychological level which is 1600.00
And currently trading at 1620.00 level
It has broke the triangle formation and reached the top side level of 1620.00
We can expect short term fall back towards 1606.00 level
From this level suitable long position may open at 1606.00
Take profit will be 1628.00
Stop lose may...
All levels on the chart.
1. Range breaking out after 6 years is significant.
2. Even if the price comes down, there would very difficult for it go below this range due to heavy accumulation over this period.
Triangle pattern observed in Gold. Pattern looks to be valid and the target comes at 1477.
1438 and 1382 are the trend defining levels and so conservatively, longs can be initiate beyond 1438.
(Disclaimer: Our charts and contents are just for the purpose of analysis, learning and general discussion. Do not consider these as trading tips or investment ideas....
Gold if holding 1345 levels, then can see 1360/-++ levels in near terms, Risk Reward Ratio will be in favor, keeping stop loss below 1345 for upside target.
