GOLD short to 1878ð
As I said before, we expect a correction on the bigger TF for Gold, before buyers come back into the market. We've seen a 5 wave bullish completion on Gold, with markets being overbought at the same time. We've also seen a CHOC + BOS, indicating markets now ready to sell off in the short term.
Target 1: 1920-1877ð
Target 2: 1764-1740ð
Target 1 is our main target, before we DCA buy positions. Target 2 is a very deep retracement (bear trap) which we've only highlighted as a possibility, but not too fussed about.
Target 1: 1920-1877ð
Target 2: 1764-1740ð
Target 1 is our main target, before we DCA buy positions. Target 2 is a very deep retracement (bear trap) which we've only highlighted as a possibility, but not too fussed about.
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Gold finally breached the psychological price of $1,900 & we are currently seeing price range around this zone. Sellers are running out of liquidity hence why the slow movements. I do see this choppy price action inducing a lot of new, early buyers into the market, before we see the FINAL leg down.
