#gold #xau #metals
Gold is showing signs of slight exhaustion as we complete this 5 wave WXYXZ structure showing divergence amongst the two peaks of the most recent impulse waves through the RSI .
The orange area is a fibonacci extension where price may find a deep sell off if not then, possibly now.
If price continues into the extreme level, this may fall quite rapidly.
Yellow Projection: Preferred scenario entering into the orange area for short sells.
Teal Projection: Second scenario: Moving through extreme level would suggest a price target as high as $1,285.
For more conservative sell opportunity, wait for EMA 21 to cross EMA 55 , or trend line close below.
Looking for 3 wave correction as low as $1,220
FED looking hawkish would also promote a drop in gold .
Gold is showing signs of slight exhaustion as we complete this 5 wave WXYXZ structure showing divergence amongst the two peaks of the most recent impulse waves through the RSI .
The orange area is a fibonacci extension where price may find a deep sell off if not then, possibly now.
If price continues into the extreme level, this may fall quite rapidly.
Yellow Projection: Preferred scenario entering into the orange area for short sells.
Teal Projection: Second scenario: Moving through extreme level would suggest a price target as high as $1,285.
For more conservative sell opportunity, wait for EMA 21 to cross EMA 55 , or trend line close below.
Looking for 3 wave correction as low as $1,220
FED looking hawkish would also promote a drop in gold .
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The information provided by Traders Mission is for educational purposes only. All information is provided in good faith and is not financial advice.
Twitter: twitter.com/TradersMission
The information provided by Traders Mission is for educational purposes only. All information is provided in good faith and is not financial advice.