MY REASONING:
1- MAIN TREND LINE SUPPORT
-GOLD HAS BEEN SUPPORTED BY THE MAIN TREND LINE FOR QUITE SOME TIME NOW, UNTIL A CLEAR BREAK ON A 4HR OR GREATER TIME FRAME IS SHOWN WILL ANY SHORT PLAYS BE CONSIDERED
* I UNDERSTAND GOLD MAY LOOK LIKE IT IS CURRENTLY BREAKING BELOW THE TREND LINE.. I WILL RE ANALYZE WHEN MARKET RE OPENS AS I FEEL THE PAIR WILL GAP UP AND CONTINUE MOVING HIGHER TO AT LEAST CLOSE THE PREVIOUS WEEKS GAP*
2- FIB 61.8
- GOLD FAILING OFF OF 61.8
3- ELLIOT WAVE THEORY *EXPRESSED ON CHART*
- I DO FEEL THAT THIS WAVE THEORY MAY NOT BE SO STRONG, BUT STILL SOMETHING TO TAKE INTO CONSIDERATION
4- FALLING WEDGE
- XAUUSD IS CLEARLY IN A FALLING WEDGE WHICH IS A BULLISH CONTINUATION PATTERN, WHICH ALSO SUPPORTS ALL POINTS ABOVE
I LIKE TO LOK AT BOTH DXY & XAUUSD TOGETHER AS FOR THE MOST PART THEY ARE AN INVERSE PAIR, PLEASE SEE MY PREVIOUS IDEA ON DXY TO CORRELATE WITH THIS ANALYSIS
IT IS BEST TO NOT PREDICT THE FUTURE OF ANY PAIRS BUT TO SIMPLY WAIT FOR A CLEAR SIGNAL A TREND HAS STARTED, PLACE STOPS ACCORDINGLY, AND RIDE THE WAVE
AS ALWAYS, TRADE SAFE
-PIPBOYS
1- MAIN TREND LINE SUPPORT
-GOLD HAS BEEN SUPPORTED BY THE MAIN TREND LINE FOR QUITE SOME TIME NOW, UNTIL A CLEAR BREAK ON A 4HR OR GREATER TIME FRAME IS SHOWN WILL ANY SHORT PLAYS BE CONSIDERED
* I UNDERSTAND GOLD MAY LOOK LIKE IT IS CURRENTLY BREAKING BELOW THE TREND LINE.. I WILL RE ANALYZE WHEN MARKET RE OPENS AS I FEEL THE PAIR WILL GAP UP AND CONTINUE MOVING HIGHER TO AT LEAST CLOSE THE PREVIOUS WEEKS GAP*
2- FIB 61.8
- GOLD FAILING OFF OF 61.8
3- ELLIOT WAVE THEORY *EXPRESSED ON CHART*
- I DO FEEL THAT THIS WAVE THEORY MAY NOT BE SO STRONG, BUT STILL SOMETHING TO TAKE INTO CONSIDERATION
4- FALLING WEDGE
- XAUUSD IS CLEARLY IN A FALLING WEDGE WHICH IS A BULLISH CONTINUATION PATTERN, WHICH ALSO SUPPORTS ALL POINTS ABOVE
I LIKE TO LOK AT BOTH DXY & XAUUSD TOGETHER AS FOR THE MOST PART THEY ARE AN INVERSE PAIR, PLEASE SEE MY PREVIOUS IDEA ON DXY TO CORRELATE WITH THIS ANALYSIS
IT IS BEST TO NOT PREDICT THE FUTURE OF ANY PAIRS BUT TO SIMPLY WAIT FOR A CLEAR SIGNAL A TREND HAS STARTED, PLACE STOPS ACCORDINGLY, AND RIDE THE WAVE
AS ALWAYS, TRADE SAFE
-PIPBOYS