GOLD 13/11.Downtrend established
At the end of last week, GOLD continued its downward trend and fell to around the 1933 - 1935 range. If we label the waves, we can consider this downward wave starting at the 1963 - 1965 range, as there was a quick recovery followed by a subsequent decline.
If we take the peak of wave 1 at 1933 - 1935, the price has now completed 4 major waves (labeled in red), with wave 3 being an extended wave. This morning, wave 4 is forming at 1939 - 1942 and selling pressure is starting to appear at this level. Therefore, it is likely that the downward trend will continue this evening.
For trading strategy, we can wait to sell around the 1939 - 1942 range with a short-term target at 1933 - 1935. However, with this strong selling pressure, there is a possibility that the price will further decline to the 1919 - 1924 range.
If we take the peak of wave 1 at 1933 - 1935, the price has now completed 4 major waves (labeled in red), with wave 3 being an extended wave. This morning, wave 4 is forming at 1939 - 1942 and selling pressure is starting to appear at this level. Therefore, it is likely that the downward trend will continue this evening.
For trading strategy, we can wait to sell around the 1939 - 1942 range with a short-term target at 1933 - 1935. However, with this strong selling pressure, there is a possibility that the price will further decline to the 1919 - 1924 range.
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SELL GOLD NOW 1945-1947
