Elliott wave analysis on Gold (2016-04-18)
Two weeks ago I made an elliott wave anslysis on Gold.
Unfortunately the price was rejected at 1262.6. If we took a look at DXY which might rebound more, I think that wave (4) of Gold does not finish yet.
Gold might rebound to 1243~1246 because of the earthquake tragedy in the world. It will give a good chance to trade the wave C.
Trading setup:
Go short at 1243~1246 with SL at 1253
TP1: 1224;
TP2: 1215;
TP3: 1190.
Notes: The price is getting supported at the rising channel. Break out of the rising channel will confirm the decline. Otherwise this analysis will be invalid.
Good luck for everyone!
Unfortunately the price was rejected at 1262.6. If we took a look at DXY which might rebound more, I think that wave (4) of Gold does not finish yet.
Gold might rebound to 1243~1246 because of the earthquake tragedy in the world. It will give a good chance to trade the wave C.
Trading setup:
Go short at 1243~1246 with SL at 1253
TP1: 1224;
TP2: 1215;
TP3: 1190.
Notes: The price is getting supported at the rising channel. Break out of the rising channel will confirm the decline. Otherwise this analysis will be invalid.
Good luck for everyone!
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