Gold has a couple of bullish interpretations listed below. Before I get into them, even though this piece is about 2 bullish interpretations, the market can prove both of them wrong so please don't expect this to be 100% correct...nobody has that magic wand in their hand.
The preferred count is the wave 3 higher written about 2 weeks ago is still alive, albeit barely. It suggests prices continue to follow through on a move higher that carries towards $1245. $1245 is where wave iii = 1.618 * wave i which is a common relationship.
The second interpretation is that we are working a larger zig zag higher. Zig zags carve as a 5-3-5 pattern. In this case, our '3' is shaping up like a triangle (note the alt labels). This suggests we fail below 1156 and retrace back towards 1110. Near 1110 is the buying opportunity under this interpretation for a target range near 1200-1225.
Bottom line, a failure in price early next week opens the door for a buying opportunity near 1110 (1090 stop) and target 1200-1225.
Thanks! My view it is heading to 1210+ in wave C of a zig-zag started from 1076 in July. So currently we are in wave 3 of C. A hit 1170, B was at 1096 and now we are in C. Triangle is my alt count here.
JWagnerFXTrader
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Yes, similar outcomes and some parallels between the views. Thank you for sharing and have a great weekend!
VRShaiju
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GoodMorning...! Nice bullish view on Gold. However I have one ALT chart bugging me at this level. I would like to share my view. I have few reason to go with it. From November to December Christmas season starting, which create a lot of part-time jobs. It makes the US data stronger during this period and widen the rate hike drama once again. So this may lead gold to range and bottomed @1068 for final bottom. 1068 should the final wave for Z and the price should turn from this level over $1500. Here is my Chart . Please ignore if you don't like it.
JWagnerFXTrader
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Thank you for the chart VRShaiju - that is a good idea to invert the charts that are in strong down trends so the charts flip into an up trend. Sometimes, our eyes have an easier time viewing patterns in the context of an up trend. You might discover a pattern that wasn't as obvious in the down trend.
Vyaz
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Fibs and fans. Ideally it should hit 1230. Current wave 3 is targeting 1190-1198.
OwenMohd
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Hi Jeremy. Great analysis as always.
Vyaz, i agree with your count - its the best fit and explains the structure. One question, how did u project 1210 for C's target? Thanks
JWagnerFXTrader
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Thank you for the kinds words azmirmohamad - we'll see if Gold will tip its hand early this week. Take care!