Gold Short - Mid Term Shorts - 1 week to a couple of months
I think we are most likely seeing a false breakout in Gold.
Recent dollar strength has sent dollar base pairs in the FX market (e.g. EU, GU) down however it is has not impacted the gold price.
Dollar going up generally means a risk off environment is more likely and we have not seen that impact Gold yet.
Essentially there is a divergence between dollar prices going up but Gold holding it's ground when 'it should have in theory' gone down.
There is also a fresh demand area on the weekly timeframe and lows which have been left untouched.
The main reason is of course the pattern indicating that wave 4 is yet to be completed which is in line with Elliot-Wave principles.
Recent dollar strength has sent dollar base pairs in the FX market (e.g. EU, GU) down however it is has not impacted the gold price.
Dollar going up generally means a risk off environment is more likely and we have not seen that impact Gold yet.
Essentially there is a divergence between dollar prices going up but Gold holding it's ground when 'it should have in theory' gone down.
There is also a fresh demand area on the weekly timeframe and lows which have been left untouched.
The main reason is of course the pattern indicating that wave 4 is yet to be completed which is in line with Elliot-Wave principles.