Now that we have most probably begun Gold's intermediate decline at the triangle top and channel re-test, I am able to set my targets for trade possibilities.
Initial decline to fork median line and strong support @$1200 - A
Impulse bounce to 0.382 Fib and Fork's upper support ~$1228 - B
Continuation decline to lower support of the triangle and bottom ~$1165 - C
- This time-frame also corresponds w/ the date of Sept's FOMC (9/21) and next rate hike.
I would not be surprised if Gold drops below the lower triangle support to scare away some of the weaker gold bugs before eventually turning back up again, but I will most likely be out at that support level.
Initial decline to fork median line and strong support @$1200 - A
Impulse bounce to 0.382 Fib and Fork's upper support ~$1228 - B
Continuation decline to lower support of the triangle and bottom ~$1165 - C
- This time-frame also corresponds w/ the date of Sept's FOMC (9/21) and next rate hike.
I would not be surprised if Gold drops below the lower triangle support to scare away some of the weaker gold bugs before eventually turning back up again, but I will most likely be out at that support level.
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If we dove below the triangle's support to 1155 the fib's would line up perfect for a textbook ABC correction