GOLD correction looks in play - Two Plays
Price broken the major uptrend line before the close.
Right side: Higher Time Frame overview - We've have 5 waves (3 pushes up) and most likely exhausted at the moment as we enter a correction. The weekly candle close strongly bearish.
Left side: Please ignore the waves if it's confusing, it's some quick notes to myself.
What i see coming into the new week is that price will MOST LIKELY come up to TEST the major uptrend line to either:
1) Create a FAILED Breakout to the downside only for price to continue upwards in the uptrend.
2) Price tests the major uptrend line and then continues falling which gives further confirmation of the first leg of the correction (in which we should see a 2nd leg down later)
This is good timing as we should see some short term rallies coming into the U.S Stock Markets, in the meantime Gold should complete it's correction in time for continued trend resumption towards higher prices.
** 50% pullback level on the larger weekly bull leg up is a good position to buy, especially if looking at LOW LEVERAGED buy and holds.
Right side: Higher Time Frame overview - We've have 5 waves (3 pushes up) and most likely exhausted at the moment as we enter a correction. The weekly candle close strongly bearish.
Left side: Please ignore the waves if it's confusing, it's some quick notes to myself.
What i see coming into the new week is that price will MOST LIKELY come up to TEST the major uptrend line to either:
1) Create a FAILED Breakout to the downside only for price to continue upwards in the uptrend.
2) Price tests the major uptrend line and then continues falling which gives further confirmation of the first leg of the correction (in which we should see a 2nd leg down later)
This is good timing as we should see some short term rallies coming into the U.S Stock Markets, in the meantime Gold should complete it's correction in time for continued trend resumption towards higher prices.
** 50% pullback level on the larger weekly bull leg up is a good position to buy, especially if looking at LOW LEVERAGED buy and holds.
