Gold Has given reversal on weekly time frame.
As per our trade entry rules we had built position at exact low of 1263 on Friday 6 OCT 2017.
Harmonic patter reversal : ABCD PATTERN IDENTIFIED ON Weekly
Trend Analysis : trend reversal seen at 1260 -1265 levels
ENTRY : 1263
Sl :1260
TP : 1310/1330
Gold Has given reversal on weekly time frame.
As per our trade...
It could be a range bound game for Gold between 1240-1300 zone next. Buying at the bottom of the range & selling at top of the range could be the strategy to be used in weeks till the time it gives convincing break above 1300$ for a new range.
Going beyond 1300$ in convincing manner can take it to 1415-1420 $ where gold travels 161.8% of its minute wave...
S-L (Short First- Long Later)
1124$ is a strong level for Gold -against that Gold looks to poke above 1400+ dollars in coming day. An impulsive leg got over at 1265 from 1124 & currently in a corrective sequence which could get support in the zone 1175-1180$ -once confirmed about the support- one can look for a bounce target of 1400$+ in coming days.
The recent...
Gold has formed elliott wave and currently cosolidating at 4th point and the expected 5th point would be at approx. 1300 $ which is approx 100 $ up from the current market price. Let's Observe it.
Bullish COT. Diverging but still Weak Momentum trying to turn positive.
The green technical area barely trying to hold itself.
SILVER (posted) looking much stronger.
Huge selling behind the present down move.
With these conflicting, confusing and diverging signals, perhaps Silver will provide a much clearer future direction for precious Metals Complex.
If...
The Critical Price Zone support holding till now.
But the price action is not very encouraging for LONGS.
Start thinking about going LONG Gold, only when it trades above 1200 Level DECISIVELY.
BUT IN THAT CASE DO WITH VERY STRICT STOP LOSS as there is still very large selling in the background.
With Positive Divergences and Buying by Commercials (Last weeks data, this weeks awaited), I am Expecting the Current Price Area to Hold and Arrest The Downtrend. If that happens, I had Given The Upward Projection Target.
But if the current zone does not hold and give up, i have given the further Support Areas (H&S targets).
But that will invalidate the upward...
I was excited about getting approx 90-100$ last time from 1250$ to 1335$- will this magic be repeated again -well time will let us know.
Infact before that magic could even start -I got a supplement bonus of 20$ Bang on Target- Amazingly, it turns from 1200-1201$- Nothing to lose only gain what is the Risk Reward?
20$ Bonus to start the journey
100$- Oval
First, I am looking- gold to cross 1348$- which will give more confidence for 1377$ Target as expected in the range of 1250-1260$ - as per previous update.
