Current Trade Disposition: LONG UTD Result: +380 pips
We went LONG on this back on 5/9 because we saw it hit a strong and also because of the BIG picture that we see coming. Many traders right now are very on Gold and rightly so since the USD seems to be on the verge of self-immolation! But we see it differently.
For now, in the main chart above, you can see that I projected this move up and I issued a BUY call on it just as this wave started. And we are up over +380 pips so far. It is currently forming a sideways diagonal correction and when it is done with that, it should break up and reach the MAJOR TL above where we should see resistance to it moving any higher. I'll be watching the PA at that point and seeing if it is indicating whether to SELL or stay LONG.
Here's our we released back on 5/21:
In this , you can see that we are expecting that we should see an rather strong move down after this current corrective move up into the MAJOR downtrend TL. This analysis is the one that we see as most likely to happen. Of course, there's no guarantee of it happening but that is why we keep a constant eye out on Gold and issue notifications and updated charts on it.
But watch for what the PA will tell us when it reaches the MAJOR TL which should serve as resistance. If Gold can't break through it DECISIVELY, then look for it to SELL off! We will be there when it happens. Want to be alerted when it does happen or be updated on Gold's moves? PM me.
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