XAUUSD Update

13 ก.พ. 2022

Gold did it again. Smashed my shorts. Still what happened in the red rectangle does not allow me to interpret the recent development as a bullish move. I keep watching for a turnaround. Though now it is again extremely challenging, and there is no divergence against the RSI.

I remember I hesitated to label the recent abrupt sell-off as 5 wave impulse thinking it was wxy in wave 1 of the leading triangle. I was right about wxy, I was wrong about the leading triangle.

Now I am back to square one, betting on a turn around in gold with no hard evidence so far on 4 hour chart.