GOLD - Bears Still In Control

Following on from our last post on Gold, we rejected our sell zone perfectly and made a 1700pip move down. We are currently in the C wave, which is often made up of 5 waves.

On lower timeframe, we are seeing some consolidation which can be marked out as an ABC move. The area we are looking at for a rejection is the 1965 level where we have structure and the 38.2 fibonacci.

Trade Idea:
- Watch for price to come back up tot he 1965 level and show clear signs of rejection.
- Enter on trendline break with stops above the rejected level
- Targets: 1900 (650pips), 1830 (1350pips), Swing TP 1680 (2700pips)

See below for lower timeframe analysis.


Goodluck and as always. trade safe!