This is an update on my trades on Gold. In the last update I warned about further downside as there was pump and dump executed on Gold on OANDA, and we got that and then we pumped to macro-VAH and then rejected strongly from there.
Right now, we are back the entry of our long, I am looking to play this long again but waiting for some confirmation. The previous long was based on Monthly Support at 1940 area coinciding with a harmonic PRZ. As we are approaching the PRZ again without tapping the C point of the harmonic this retrace could play as type 2 return on the harmonic, what we need to monitor is the retrace 0.886 of the current pumps from 1935 to 1984. If they hold and we get some divs at these levels, we are good to go for a long. If interested in taking this long, I would preferably enter at either 786 or 886 and put SL below the current low, preferably below the Macro POC at 1926.
Since Gold is very inversely correlated to DXY we need to monitor that as well.
DXY is currently hitting Golden Pocket and reacting to Bearish BAT, but it's pumping back up, so it's possible DXY as well execute a type 2 on the harmonic and reject again from the PRZ of this harmonic which is good for gold longs.
Right now, we are back the entry of our long, I am looking to play this long again but waiting for some confirmation. The previous long was based on Monthly Support at 1940 area coinciding with a harmonic PRZ. As we are approaching the PRZ again without tapping the C point of the harmonic this retrace could play as type 2 return on the harmonic, what we need to monitor is the retrace 0.886 of the current pumps from 1935 to 1984. If they hold and we get some divs at these levels, we are good to go for a long. If interested in taking this long, I would preferably enter at either 786 or 886 and put SL below the current low, preferably below the Macro POC at 1926.
Since Gold is very inversely correlated to DXY we need to monitor that as well.
DXY is currently hitting Golden Pocket and reacting to Bearish BAT, but it's pumping back up, so it's possible DXY as well execute a type 2 on the harmonic and reject again from the PRZ of this harmonic which is good for gold longs.
