First off, as elliott wave counting suggests we are sitting on the 4th wave of the new down move which is forming.
Now for the 4H time frame we recently bounced off the 38.2% retracement of wave 3 but unfortunately this level didn't hold and gold has rallied through it starting today.
Now we're looking at the formation of a bat pattern as you can see from my chart.
Short XAUUSD (Gold) at 1314.00 with the stops at 1321.00
My first target would be at 1290.00 but for the longer time frame I'm aiming at 1260.00
Let's wait and see if it ever gets to 1314 even though 1300 line is ahead of us!
Now for the 4H time frame we recently bounced off the 38.2% retracement of wave 3 but unfortunately this level didn't hold and gold has rallied through it starting today.
Now we're looking at the formation of a bat pattern as you can see from my chart.
Short XAUUSD (Gold) at 1314.00 with the stops at 1321.00
My first target would be at 1290.00 but for the longer time frame I'm aiming at 1260.00
Let's wait and see if it ever gets to 1314 even though 1300 line is ahead of us!