XAUUSD shorting zones to watch: Gold downtrend to continue?

7 thg 10, 2018

I am of the opinion that Gold will continue its downtrend, eventually making a new lower low.

The Dollar strength is undeniable, Bond Yields have spiked, the Fed remains hawkish with rate hikes.
All of this reduces the speculative demand for Gold , as it pays no interest, and there is no global crisis happening.

So I am watching for sings of the corrective wave 4 completion, and a continuation of the downtrend.
I see wave 4 forming in one of two scenarios:
1) WXYXZ that is just about completed (red path) , or
2) larger ABC with one more push up (blue path)

I will post updates as prices approaches my zones of interest.

This idea is an update to my previous one, but with fine tuned support zones

16 thg 10, 2018

Ghi chú

I have posted an update with shorter time frame analysis, as it looks to be finishing wave (4)

31 thg 10, 2018

Ghi chú

Gold finally started a significant pullback. And it is approaching critical support, at the confluence of two 2.618 fib extensions. the reaction here will be very telling. I am expecting at least a small bounce.