First, I am looking- gold to cross 1348$- which will give more confidence for 1377$ Target as expected in the range of 1250-1260$ - as per previous update.
Gold price cracked big time last week and the fall was arrested right at the support zone marked in the chart. Price has since been consolidating and the price action indicates the possibility of a bounce. The immediate level to focus-on is the blue line in the chart.
If the price manages to clear that blue line via a green WRB (with higher volumes) then the...
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...
Gold has displayed the tendency to move from one congestion zone to another. Price has been in a congestion zone, a.k.a re-accumulation in Wyckoff terms, for a while now. The next destination seems to be the upper green box starting at $1,530-ish, extending all the way upto $1,804. Let's wait and watch.
Pondering if it is time to increase weightage of gold in...
From the lows of 1045$ in Dec2015- we could be travelling in a ii - wave of larger 5th wave Ending Diagonal- The knee jerk reaction which was seen in Janet's Speech -could be 4th wave in c?- pink wave in ii-blue wave-travelling upside & most obviously. There is a tug of war going between bulls & bears so one should be careful & trade once the market shows the...
Gold could move sharply down in 3rd wave once it slips below 1347$ & later going below 1340$-shall put more pressure. We shall look for an equality target of 1325-1330$ first below 1340$ as support zone - likely it should travel atleast that much but usually 3rd waves travel 161.8%-of 1st waves -which comes in the zone 1305$-1310$.
Regards,
Abhishek H.Singh,CMT
Follow up for previous update- Gold-Looking to slip below 1347$ to 1325-1330$. Has been modified to 1350$ & below- Now If Gold slips below 1350$ & break of trendline can trigger selling in gold- shall take to 1340$ first where gold shall look for temporary support going below 1340$-It shall open up for 1325$ to 1330$.
Regards,
Abhishek H.Singh,CMT
