On Daily time frame traders can see two possible scenarios forming:
- SCENARIO 1 - Main Count - ABC corrective cycle wave 4 with wave C to the upside missing
- SCENARIO 2 - Alternate Count - Black alt:4 as a corrective ABC cycle is done and now price is developing Ending Diagonal termiantion pattern in wave alt:5. New low below 1179 is needed to complete this pattern.
Non Linear Regression model channel slope is pointig upward indicating more gains for Gold.
On H4 chart one can see that the overall progression in wave B is a Triple ZigZag formation and there is wave (b) and wave (c) missing to complete this cycle. Bias si to the downside for a little while.
H1 chart shows more detailed possibility of inside wave developing structure in complex wave (b) formation. Target level here would be $1222 before downtrend resumes.
Support/Resistance:
1179 - Swing Low
1192 - WS1
1207 - 1210 - Techncial Resistance
1213 - WS1
Trading Recommendations:
For intraday scalpers: long positions should be in play from 1200 level with SL below the 1189 and potential target TP1 @ 107 and TP2 @ 1210 and above.
For swing traders: wait for correction to complete and go short again for last push to the downside.
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