XAU/USD Elliott wave Downtrend, 5th waveI think we will see the 5th wave of Elliott downtrend to the marked location.
Pls comment your idea
Thank you!
Goldspotdollar
GOLD 4H LONGGold
Insight - Price has broken downwards trend line and showing signs of further upside with resistance at 1552.66 and support at 1527.24 Price could be heading to the upside towards the golden zone where price will reverse downwards.
Intraday : Buy
Intraday - 4H
Trade: Buy
Buy or Above 1527.24
Target TP: 1552.66 & 1577.52
Alternative scenario:
Trade: Sell
Sell or Below: 1527.24
Target TP: 1508.49 & 1481.88
Pivot and Support 1527.24
XAUUSD 1HOUR - BUY - Bullish Gartley 222+Cup and Handle+TrendXAUUSD is half of the way to the profit objective of the giant Cup and Handle pattern that I posted about a week ago.
Bullish Gartley 222 pattern formed in the market increasing the possibility of the trade.
3.83 Reward/Risk Ratio.
837 pips of trend continuation profit potential
267 pips of pattern targets profit potential
Gold Spot Weekly Chart - Possible Elliott Waves count!Does current gold rally follow the parallel channel as
shown in the chart to eventually resume down trend?
XAUUSD ShortSell Limit XAUUSD
Entry Price between 1260 - 1265
Take profit @ 1250
Take profit @ 1245 ( Target )
Take profit @ 1230
Stop loss @ 1274
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XAU_USD Historical Data : From 12 Dec 2017 ~ 12 Dec 2018 >> Download Here>>> docs.google.com
GOLS SPOT / U.S DOLLAR
GOLD (XAU/USD) 4Hour ChartGold prices just recently bounced off the ascending channel resistance and i am expecting prices to continue dropping towards the 50% retracement level of 1223.62. Possibly, prices may continue going further down until they test the lower ascending channel resistance. Though i have already entered a short position a bit late, it is better to check price action to see whether there could be continued downward momentum or prices are lurking toward higher prices
Yellow Metal Gold Weaken After China Cancels Trade MeetingXAUUSD Technical Overview:
Pivot: $1200.20
Key Resistance: $1199.85 - $1204.28 - $1207.47 - $1211.89
Key Support: $1194.33- $1191.56 - $1188.00 - $1186.66
Day Trading Range: $1204 - $1186
Technical Indicator:
RSI: The indicator lacks upside momentum, moving below 50 level.
Moving Average: SMA 100 ($1199.65), SMA 200 ($1198.45), SMA 50 ($1201.50) strong resistance for Gold today.
Technical Trade Idea:
Most Likely Scenario: short positions below 1200.20 with targets at 1193.25 & 1189.85 in extension.
Alternative scenario: above 1200.20 look for further upside with 1204.55 & 1207.10 as targets.
Overall,Driving the price action in gold last week was the U.S. Dollar. For most of the week, gold was underpinned by a weaker U.S. Dollar. On Friday, however, gold managed to give back all of its weekly gains when the dollar rebounded to the upside. Driving the U.S. Dollar’s price action was the investor response to fresh tariffs by the U.S. and China.
The trade dispute and the dollar will continue to drive the price action in gold this week. However, this week, the dollar could strengthen and gold could weaken. This is because China called off the trade talks with the United States and said it wouldn’t meet with high level negotiators until after the November mid-term elections.
Also contributing to the movement in gold will be the outcome of this week’s two-day Federal Open Market Committee meeting which culminates with the Fed’s interest rate and monetary policy decision on Wednesday, September 26.
Although the Fed is widely expected to raise its benchmark interest rate during the meeting, gold traders will be primarily focused on the direction the Fed will chart ahead. Traders essentially want to know how aggressive the Fed will be in increasing rates in the future.
Thanks
YoCryptoManic
