Following on from our last post on Gold, we rejected our sell zone perfectly and made a 1700pip move down. We are currently in the C wave, which is often made up of 5 waves.
On lower timeframe, we are seeing some consolidation which can be marked out as an ABC move. The area we are looking at for a rejection is the 1965 level where we have structure and the 38.2 fibonacci.
Trade Idea:
- Watch for price to come back up tot he 1965 level and show clear signs of rejection.
- Enter on trendline break with stops above the rejected level
- Targets: 1900 (650pips), 1830 (1350pips), Swing TP 1680 (2700pips)
See below for lower timeframe analysis.
Goodluck and as always. trade safe!
On lower timeframe, we are seeing some consolidation which can be marked out as an ABC move. The area we are looking at for a rejection is the 1965 level where we have structure and the 38.2 fibonacci.
Trade Idea:
- Watch for price to come back up tot he 1965 level and show clear signs of rejection.
- Enter on trendline break with stops above the rejected level
- Targets: 1900 (650pips), 1830 (1350pips), Swing TP 1680 (2700pips)
See below for lower timeframe analysis.
Goodluck and as always. trade safe!
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