Gold continue correction before $1800
Friends,
There are reasons I think price will continue consolidation before rally again. With the current situation I expect more money will be spent to accumulate gold, thus push the price increase higher.
1. MACD made death cross on 2H interval, seems like the bulls are tired now, need relax
2. The pattern now looks like three top, one of the confirmation of short term decrease. The pattern is valid until there are some efforts pushed price close above last two peaks, at least in 4h interval.
3. Seems like we are in the second phrase of impulsed wave, and price is forming ABC correction pattern.
I expect price to go down $1660 zone again, complete the correction pattern, then rally up. The target as marked by Fibo line - around $1789 - $1800
Leave comments so we can exchange ideas guys.
Thanks for reading!
There are reasons I think price will continue consolidation before rally again. With the current situation I expect more money will be spent to accumulate gold, thus push the price increase higher.
1. MACD made death cross on 2H interval, seems like the bulls are tired now, need relax
2. The pattern now looks like three top, one of the confirmation of short term decrease. The pattern is valid until there are some efforts pushed price close above last two peaks, at least in 4h interval.
3. Seems like we are in the second phrase of impulsed wave, and price is forming ABC correction pattern.
I expect price to go down $1660 zone again, complete the correction pattern, then rally up. The target as marked by Fibo line - around $1789 - $1800
Leave comments so we can exchange ideas guys.
Thanks for reading!
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