Gold has continued to rise, bouncing nicely off 1702 yesterday morning and continuing higher. Our first target is (Subscribers only) and we will assess how the market reacts if/when we get there.
Gold has powered higher and we are now long from (Subscribers only) and our stop loss is placed at (Subscribers only). It is possible that Wave 4 has now completed with a truncated C wave, although we will not consider Wave 4 to be over until the gold price reaches (Subscribers only). For now we are long and our first target is (Subscribers only).
Gold is continuing to climb slightly this morning, however the move does not feel "impulsive" and we still consider that we are in a corrective Wave 4 and anticipate a test of (Subscribers only) in the next few trading sessions. If the market continues to rise above (Subscribers only), we will revise our stance on the basis that the 1603 low marked the end of this currrent corrective phase.
Gold is up slightly this morning and has now retraced 61.8% of the decline from 1695 to 1603. We continue to take a bearish stance and watch for direction.
Gold has rebounded to an exact 50% Fibonnacci retracement level of the decline from 1695 to 1603 and for now this level is proving to be resistance. We will continue to watch for signs of a bottom, though reiterate our bearish stance. A rise above (Subscribers only) and we would consider a bottom is in and look to go long.
As expected gold has sold off strongly after failing to breach the 1680-1700 resistance zone. Gold has hit a low of 1603 and we have closed our long position for a profit of $70. We remain bearish and expect a retest of (Subscribers only), however a rise above (Subscribers only) would make us revise this position. For now we watch for market direction.
Gold dropped away yesterday as low as 1627, however there was a lack of follow through selling and a decent bounce from the lows. Gold has rebounded to the area between 50% and 61.8% of the drop, we would look for the price decline to resume from this resistacne area.
However it may be that the 1627 low marks a near term bottom so we are bringing our stops in to break even at (subscribers only). If our stop is hit, it is likely that a run at (subscribers only) is in the offing and we don't want to risk gettng caught out.
Although gold is up slightly this morning, the lack of power behind the rise and failure to break convincingly above resistance at 1680-1700 makes us think short is still the place to be - stop loss at (subscribers only).