Gold, 20 Dec. Forever $1800.
Gold has been ranging for over a year around 1800, with deviations of +/-7%. Today here we are, back at 1800.
Wyckoff:
The range gives us a chance to do a Wyckoff analysis. It is possible to interpret the structure as a re-accumulation with a spring and two tests afterwards. We need to see the LPS and SOS phases next to confirm this interpretation.
Elliott:
We are able to count (i) - (ii) in blue and sub-wave i - ii (in green). If correct, we should expect a wave iii of (iii) that would bring Gold out of the re-accumulation pattern. Wave ii has retraced 78.6%.
Geometry:
The inside pitchfork provides us with diagonals that are well-respected by price. A break of 1878 would confirm bullishness.
How I trade it:
Most importantly, Gold has made a higher high, and a higher low, causing the MACD to crossover on the daily. We can now look for an active sequence that holds moving averages. If the wave iii of (iii) assumption is correct, we will see a swift move to the upside. The idea is to gradually build long exposure here, and exit the positions if price falls below 1770.
Wyckoff:
The range gives us a chance to do a Wyckoff analysis. It is possible to interpret the structure as a re-accumulation with a spring and two tests afterwards. We need to see the LPS and SOS phases next to confirm this interpretation.
Elliott:
We are able to count (i) - (ii) in blue and sub-wave i - ii (in green). If correct, we should expect a wave iii of (iii) that would bring Gold out of the re-accumulation pattern. Wave ii has retraced 78.6%.
Geometry:
The inside pitchfork provides us with diagonals that are well-respected by price. A break of 1878 would confirm bullishness.
How I trade it:
Most importantly, Gold has made a higher high, and a higher low, causing the MACD to crossover on the daily. We can now look for an active sequence that holds moving averages. If the wave iii of (iii) assumption is correct, we will see a swift move to the upside. The idea is to gradually build long exposure here, and exit the positions if price falls below 1770.
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