Let us rewind back to look at last year's PA, I found a very similar price action to the one we just completed year to date. In fact, almost identical.
From the even longer term chart, we ended a 7 year bear cycle since we peaked in 2011 and clocked lows at the 1050 region in Dec 2015. I believe we are still in a corrective wave stage in gold on the bigger scale, and price is still trapped in a triangle.
Since correction stages usually requires a much longer time before you finally get a breakout, and EW count does suggest more bearish bias than bull.
However, that being said, it all depends on FOMC next week, if Fed decides to hike rate like what the odds say of being over 90%, this bear scenario might not happen.
But, if the Fed surprises the market with no rate hike (I know very much against the what the odds are favoring currently), and there is always a possibility with recent deluge of bad US Data and weak NFP, then the bears will be out full force.
We will find out next week! GL and may the odds ever be in your favor! :)))
From the even longer term chart, we ended a 7 year bear cycle since we peaked in 2011 and clocked lows at the 1050 region in Dec 2015. I believe we are still in a corrective wave stage in gold on the bigger scale, and price is still trapped in a triangle.
Since correction stages usually requires a much longer time before you finally get a breakout, and EW count does suggest more bearish bias than bull.
However, that being said, it all depends on FOMC next week, if Fed decides to hike rate like what the odds say of being over 90%, this bear scenario might not happen.
But, if the Fed surprises the market with no rate hike (I know very much against the what the odds are favoring currently), and there is always a possibility with recent deluge of bad US Data and weak NFP, then the bears will be out full force.
We will find out next week! GL and may the odds ever be in your favor! :)))
And so, we broke the neckline :)