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GOLD ANALYSIS MAY 15-17.
Here is the market projection on Gold (XAUUSD) from May 14-17.
ANALAYSIS.
Price is expected to maintained the previous week projection in High timeframes (Monthly, and Weekly) but daily timeframe and below are expected to demonstrate an opposite direction from the previous projection.
In daily timeframe price has clearly completed the ABC corrective move to the upside at around 61 percentage Fibonacci level.
In four hour timeframe price is clearly demonstrating a lower degree five wave move to the downside with correction expected to be completed nearly 61 percentage Fibonacci level.
PRIMARY PROJECTION;
Consider selling gold from the current price with stop loss above the crescent swing High created on Friday in four hour timeframe.
ALTERNATIVE PROJECTION;
Consider selling gold with low risk when price break and retest the dynamic support indicated in this timeframe.
ANALAYSIS.
Price is expected to maintained the previous week projection in High timeframes (Monthly, and Weekly) but daily timeframe and below are expected to demonstrate an opposite direction from the previous projection.
In daily timeframe price has clearly completed the ABC corrective move to the upside at around 61 percentage Fibonacci level.
In four hour timeframe price is clearly demonstrating a lower degree five wave move to the downside with correction expected to be completed nearly 61 percentage Fibonacci level.
PRIMARY PROJECTION;
Consider selling gold from the current price with stop loss above the crescent swing High created on Friday in four hour timeframe.
ALTERNATIVE PROJECTION;
Consider selling gold with low risk when price break and retest the dynamic support indicated in this timeframe.
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