Gold - Forming ABC Correction
Gold broke the neckline of H&S mid June. Now is retesting this line and possibly tagging the 100MA on the 4H chart to complete the B wave at the top of the downtrend channel and produce the final leg down to the H&S target which is placed at 1223.
Ichimoku cloud will create a resistance on 126Xs area.
In this extended 6th month rally gold still needs a fail DCL to go below 1214 and produce an ABC correction which I believe is in place.
Dollar looks ready to rally 2-3 weeks with massive drop on commercials shorts.
Fundamentals ahead: GDP (next week), FOMC Minutes, NFP (in two weeks).
PD. Waiting for the best buying opportunity on summer but first ...
Ichimoku cloud will create a resistance on 126Xs area.
In this extended 6th month rally gold still needs a fail DCL to go below 1214 and produce an ABC correction which I believe is in place.
Dollar looks ready to rally 2-3 weeks with massive drop on commercials shorts.
Fundamentals ahead: GDP (next week), FOMC Minutes, NFP (in two weeks).
PD. Waiting for the best buying opportunity on summer but first ...
Operación activa:
Holding shorts and pending short order at 1264
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