Hi All,
Based on the market sentiment metrics and wave counts the current position in Gold seems like an extremely attractive opportunity for a long entry.
Two alternatives exist:
1) enter right now, SL below 1072
2) wait for the first few resistances to be broken, including MA200 on 1H chart which the latest downtrend seemed to be tracking under. SL also below 1072. I would opt for this alternative.
The targets for this move can be very tasty, from 1240 (unlikely) to as high as 1350-1400.
The move up in Gold will correllate with a sell-off in SPX below 2000 (which is starting right now), EUR up to 1.18 and a possible bounce in Crude to 67-68.
Based on the market sentiment metrics and wave counts the current position in Gold seems like an extremely attractive opportunity for a long entry.
Two alternatives exist:
1) enter right now, SL below 1072
2) wait for the first few resistances to be broken, including MA200 on 1H chart which the latest downtrend seemed to be tracking under. SL also below 1072. I would opt for this alternative.
The targets for this move can be very tasty, from 1240 (unlikely) to as high as 1350-1400.
The move up in Gold will correllate with a sell-off in SPX below 2000 (which is starting right now), EUR up to 1.18 and a possible bounce in Crude to 67-68.
