Category Archives: Gold – Intraday

Gold

Bullish View :

Gold could have registered the Minor wave 4’s extreme at 1206, surround the expected target, and left the double-zigzag correction(81.8 points) in an exhaustive state.

The trend has turned to the upside now, and expect the Minor-degree fifth wave to rally in the coming days.

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