GCZ2017
is printing a final exhaustion push after last week's FOMC whip & pop abruptly above $1,300. I see the current price action as the first leg down, but extremely weak as bulls fight to regain upwards momentum. We re well into this Daily Cycle and it is unlikely to continue without a short term correction. In the short term, I'm looking for prices to quickly rebound to challenge the prior high of $1,331.90 (DEC) and either immediately fail back (strong 2B reversal signal) or fail to breach $1,331.90. This will setup a good short entry with an aggressive stop if prices pierce $1,331.90 and continue to rise. My downside target is a maximum of $1,250 by mid-September for a new DCL after which I will be targeting a long term long position in gold as the bear market is over.
I'm looking at a sell target in the $1,320 to $1,330 range depending on price action with the higher higher being made then failing or a higher high failing to occur. On the hourly, I'm looking for prices to move within the range up to $1,330 then fail below the ~$1,300 trend line. Expect this to occur Sept 6 or 7
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Target sell range hit earlier than expected. Friday late trading on long weekend volumes. Tuesday price action will determine if sell criteria hit or not, hold for now
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Tuesday should be volatile. I expect a fast decline back to $1300, but that support level will be critical. The B wave was very weak. If $1300 holds, I am looking for a long entry with substantial upside.
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Price behaviour too strong. Reversal strategy not effective.
