Review from last post
Gold last week break ABCDE triangle to upside. This break is very good signal for more upside from GOLD in coming weeks. Gold closed on Friday with price 1742$. Upper resistance is at 1748$.
1 Option
First possibility for Gold is Truncation of wave 5 which means Wave 5 coudnt break top of wave 3. I think this scenario wont play out. I will not look for sell positions on Gold.
2 Option
Confirmation for buy position for me will be break of 1748 level, possible retest of the 1748 level, which brings us to very nice buy opportunity.
So wave 5 could finish in 1850 area. Proper Risk managment is very important because market is very volatile.
In times of crisis just like now in global economy price of Gold always rises. Time will tell us will history repeat itself.
Gold last week break ABCDE triangle to upside. This break is very good signal for more upside from GOLD in coming weeks. Gold closed on Friday with price 1742$. Upper resistance is at 1748$.
1 Option
First possibility for Gold is Truncation of wave 5 which means Wave 5 coudnt break top of wave 3. I think this scenario wont play out. I will not look for sell positions on Gold.
2 Option
Confirmation for buy position for me will be break of 1748 level, possible retest of the 1748 level, which brings us to very nice buy opportunity.
So wave 5 could finish in 1850 area. Proper Risk managment is very important because market is very volatile.
In times of crisis just like now in global economy price of Gold always rises. Time will tell us will history repeat itself.