GOLD ANALYSIS NEXT WEEK June 10-14.
Here is the analysis on Gold XAUSD for next week from 10th to 14th of June. It is a clear projection of what is mostly likely to happen on Gold in the coming week.
ANALYSIS;
In monthly timeframe there are rejections from the upside in three months consecutively, and the current months demonstrate increase in bearish momentum even though there are 19 days left for the monthly candlestick to close.
In weekly timeframe the idea of three wave swing to the upside remains the same, and currently we are in a corrective phase of the price move. At the highest level reached by price in this timeframe there is a bearish engulfing candlestick formation a d the next candlesticks are maintained below the structure. This is the clear indicator of a possible continuation of price move to the downside.
In daily timeframe a clear trending to the downside is created where by lower highs and lower lows are now more clear. Currently price is at 2300 level, this is a very important technical and psychological level.
In four hour timeframe price demonstrate a clear ABC corrective structure with price completing the formation of wave C down. Price id expected to correct before it continues to the downside.
PRIMARY PROJECTION;
Consider selling when price correct up to 50 or 61 fib of the downward swing in this timeframe. This is around 2340-2360.
SECONDARY PROJECTION; Consider buying when price move beyond the beginning of the downward strong strong created this week. But buying is less likely to happening.
ANALYSIS;
In monthly timeframe there are rejections from the upside in three months consecutively, and the current months demonstrate increase in bearish momentum even though there are 19 days left for the monthly candlestick to close.
In weekly timeframe the idea of three wave swing to the upside remains the same, and currently we are in a corrective phase of the price move. At the highest level reached by price in this timeframe there is a bearish engulfing candlestick formation a d the next candlesticks are maintained below the structure. This is the clear indicator of a possible continuation of price move to the downside.
In daily timeframe a clear trending to the downside is created where by lower highs and lower lows are now more clear. Currently price is at 2300 level, this is a very important technical and psychological level.
In four hour timeframe price demonstrate a clear ABC corrective structure with price completing the formation of wave C down. Price id expected to correct before it continues to the downside.
PRIMARY PROJECTION;
Consider selling when price correct up to 50 or 61 fib of the downward swing in this timeframe. This is around 2340-2360.
SECONDARY PROJECTION; Consider buying when price move beyond the beginning of the downward strong strong created this week. But buying is less likely to happening.
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