XAU/USD: Breakout or Gartley / AB=CD?
Since I'm counting on Silver to break the down trendline moving up to my second TP, Gold could do the same and move up also... Need confirmation on a breakout though... above conservative trendline and resistance... Looking for confirmation from structure and momentum indicators on different TF's... Will watch Silver also for clues...
However, in case we break the recent uptrend to the downside I will look to short with target around 1244 since then we could be on the way to complete a bullish AB=CD or bullish Gartley (PRZ's for both are at similar levels...).
In case we make it down there confluence with the lower lying 'up' trendline will make it quite a convincing long from there, we'll see...
Short-term bias long based on my Silver long (wishful thinking...?? ;-))
BUT: Daily TF shows we're still in uptrend with possible upcoming downside to complete a wave 4 within a possible rising wedge...
However, in case we break the recent uptrend to the downside I will look to short with target around 1244 since then we could be on the way to complete a bullish AB=CD or bullish Gartley (PRZ's for both are at similar levels...).
In case we make it down there confluence with the lower lying 'up' trendline will make it quite a convincing long from there, we'll see...
Short-term bias long based on my Silver long (wishful thinking...?? ;-))
BUT: Daily TF shows we're still in uptrend with possible upcoming downside to complete a wave 4 within a possible rising wedge...
Updated idea: