Category Archives: Gold – Intraday

Gold

Today’s 3.6 percent selloff in Gold should be a final subdivision of the Minor-degree wave 4. The market would be searching the extreme of entire double-zigzag correcting down, that started at the 1287.8 high on March 11.

The correction in Minor fourth-wave would amount to a Fibo-expansion target at 1210.

Gold - Intraday

Gold

The bearish outlook :

After correcting up the impulsive wave i through its Fibonacci 0.618 retracement level in wave ii, Gold appears to have started its way down.

The outlook is bearish now against the 1199.3, in anticipation of the fall in impulsive third waves ahead.

The immediate target is 1168.4. And the next target is through the 1124.1, where wave iii equals 1.618 times the length of wave i – a common relationship.

Gold - Intraday 240

Gold

The bearish outlook :

Gold has more likely formed the top of corrective wave ii above its Fibonacci 0.618 retracement level at 1197.1, and now is poising to fall in impulsive wave iii ahead.

Note : I’ve explained the overlapping waves down, in a leading diagonal as first wave in progress. Because the anticipated triangle as the micro degree wave B seems to have failed.

Gold - Intraday 120

Gold

The short-term bullish alternative in a corrective view :

Gold may thrust in the micro degree wave C, from a triangle as wave B of the same degree.

The outlook is bullish in short term against the 1187.4, where is extreme point of wave (C) of triangle. The immediate target is 1202, where the wave C(circled) equals 0.618 times the length of wave A(circled).

Note : The extreme point of wave (C) at 1187.4, could be considered as a “Red line” on this pattern. Because, wave E of a triangle pattern never moves beyond the end of wave C.

Immediate bearish alternative :  Wave ii in an ABC zigzag has been completed and wave iii begun its way down.

Gold - Intraday 120

Gold

The broad bearish outlook :

Gold continued to retrace through the anticipated Fibonacci 0.618 level at 1197.1, now in three waves as the corrective wave ii. Falling lower would suggest that top of the wave ii has formed and the decline in impulsive wave iii of (iii) of the minute degree third wave is resuming.

The broad outlook remains bearish against the 1215 – as the top of wave (ii). The estimate target for now is 1124.1, where wave iii equals 1.618 times the length of wave i.

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Gold

The broad bearish outlook :

Gold has retraced to the anticipated Fibonacci 0.5 level, impulsively! Hence, the correction might continue to develop the ongoing wave ii in an ABC zigzag – now through the Fibonacci 0.618 retracement level at 1197.1.

Subsequently, the decline in impulsive wave iii of (iii) of the minute degree third wave will be resumed…

The broad outlook is persistently bearish against the 1215 – as the top of wave (ii). The broad target is now 1133.4, where wave (iii) equals 1.618 times the length of wave (i).

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Gold

The broad bearish outlook :

After falling in the five-waves impulsive wave i of (iii), Gold will likely retrace in a three-waves as wave ii through its Fibonacci levels of 0.5-0.618 which now is the range of 1191.7-1197.1. And subsequently, the decline in impulsive wave iii of (iii) of the minute degree third wave will be resumed…

The broad outlook is persistently bearish against the 1215 – as the top of wave (ii). The broad target is now 1133.4, where wave (iii) equals 1.618 times the length of wave (i).

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Gold

The Bearish outlook :

Gold fell down! in an impulsive wave, and likely as an initial movement of the anticipated third wave.

The outlook is persistently bearish against the 1215 – as the top of wave (ii). An expected target for extreme of the ongoing wave (iii) is 1133.4, where wave (iii) equals 1.618 times the length of wave (i).

Gold - Intraday 240-1

Gold

The bearish outlook :

Gold may have been rising in a three-wave as the wave (ii). The price has exceeded the Fibonacci 0.786 retracement level of a likely leading expanding diagonal as wave (i). The following fall in impulsive wave (iii) to new lows is probably ahead…

The outlook now is bearish while price holds under the 1224.5, where is the start point of the bearish leading diagonal wave (i). Falling through 1182.8 from current levels would raise confidence in the immediately bearish view.

Note : In accordance with the bearish alternative on Silver, I’ve treated this leading diagonal as wave (i), which is not as an ideal text book pattern like in Silver.

Gold - Intraday 240

Gold

Adjusting the bearish alternative :

Gold registered a new low, as expected. But exceeding the level of 1177.3, suggests that the pattern needs to be adjusted. I have switched to the prior bearish alternate count. A leading diagonal as wave (i) and its correction in wave (ii) have completed, and now decline in wave (iii) is underway.

The broader outlook is bearish against the 1209 . The immediate target is 1163.7. The broad target is through 1142.7.

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