Category Archives: Precious Metals

Gold

Correcting Down :

On the Intraday charts, Gold could have completed the Minute-degree correction in wave ((ii)), on the Fibo 0.5 retracement level.

A corrected leading diagonal (to the downside) after an uptrend which resulted in an ending diagonal(of one larger degree), would suggest an excellent setup for short position.

Gold - Intraday

Gold

In the Intraday charts, Gold is correcting up in Minute-degree wave ((ii)) after tracing out a leading diagonal as the same first-wave down.

A leading diagonal to the downside after an uptrend which resulted in an ending diagonal(of one larger degree), would suggest an excellent setup for short position.

Gold - Intraday

Gold

Medium-term Uptrend :

The Gold’s 25% countertrend rally(in a five-wave structure) that started in early-December, should be first portion of the process of correcting up in the Primary wave ((B)). Subsequently, Intermediate wave (A) would be corrected now in its same degree wave (B) (potentially to the Fibo 0.50 retracement level).

Note : As denoted on the chart below, the wave (A)’s extreme well achieved the origin of the prior bullish diagonal as Intermediate wave (5). (technical targeting based on the patterns)

Gold - Weekly

Gold

Correcting Down :

After unfolding an ending diagonal in Minor degree wave 5, Gold should be now in the early stages of correcting in likely an A-B-C zigzag (of one larger degree) to the downside.

Technically, the expected target at 1206 would be pointed well as Minor wave A’s extreme.

Gold - Daily

Gold

Bullish Outlook :

Gold could have concluded its correction as Minor wave 4 at 1206. The current advance in the same degree fifth-wave should eventually carry to a new high (above 1287.8).

The bullish count is in place, while the price hold above the 1206 extreme.

Gold - Daily