POTENTIAL BIGGER RETRACEMENT FOR GOLD.
We broke this daily bullish channel which means this bull is now invalid on my chart. Also last week a lot of bullish harmonic patterns and bullish Elliot wave count patterns have failed. The only thing we can trust now is price action.
It is normal for a bull market golld rally to have 38-61% retracement before continue its bull run. so i see gold potentially making deeper retracement to the area of:
$1190
$1165
$1135
these are rough estimates based on fib levels,
My trade plan this week is to just trade the movement on friday nfp and also wedn adv nfp. And close for profit after ny session.
It is normal for a bull market golld rally to have 38-61% retracement before continue its bull run. so i see gold potentially making deeper retracement to the area of:
$1190
$1165
$1135
these are rough estimates based on fib levels,
My trade plan this week is to just trade the movement on friday nfp and also wedn adv nfp. And close for profit after ny session.
Komen:
If this daily candle closes within the daily bullish channel, Gold should still be bullish and we wont expect a bigger retracement, so its very dependant on today's daily candle.