First of all happy new year to all.
After a break from the market, i am back.Was happy to see that gold reached my target price and responded with high buy back at 1625 region.
Let me share with your my outlook.
Weekly Gold
This is what i see for the gold to be from the past to future.To me the gold price had come down (corrective) for quite significantly. Right now we are looking at a wave 2 to end probably around 1625 if i am right. Then a wave 3 should follow. This is of coz the longer term direction in gold.
Zooming back to a closer look at its behaviors now we look into the daily or the 4hr chart. I choose the latter.
4Hrly Gold
Gold did rallied strongly from its last move to 1690, telling us a strong support is very close below. A sudden plunge of last week thurs-fri should be a "scaring off" weak long holders to reach the price objective of 1625. With that target reached, it also signify that length of wave A = wave C, which we can common find in elliott wave theory and price prediction books. Not long after, a immediate rebound of gold price came straight after the news of non-farm payroll (NFPR). Coincident or not, I doubt so.Anyway right now one should look into a good wave 1 up, a wave 2 retracement that doesn't hit or clear off 1625 as a low. Then we can long the gold and ride on the 3rd wave. Alternatively, as can see from my chart labelled (alt), the gold corrective wave C hasn't finish, it might go even lower to target a wave C = 1.618 wave A. There fore hitting a much lower target. Let's see what happens.Cheers.
No comments:
Post a Comment