Will Gold hit 1000 before the year runs out ~ forex live trading room reviews
In recent weeks, Gold has been trending down rapidly breaking barriers along the way. Will this dip continue? Well its just a matter of time.
Going by the weekly chart,price broke out of a triangle in high momentum after 14 months of formation. This triangle marked the successful completion of wave 4 .
Price is running down to complete this impulsive move which could end at 1000 ( the next support) before the year runs out
The intra day (H4) chart is not contradicting the bearish move. The bearish move that happened immediately after the triangle formation has successfully completed three waves.
Presently, its enclaved in the triangle of its own which will be completed at the successful break of the lower boundary of the triangle.
In the other way, price might break the upper boundary of the H4 triangle to test the resistance at 1240 thereby forming a zigzag corrective pattern instead of the current triangle before resuming the bearish move.
The breakout of the H4 triangle is very important to what corrective pattern we could have. A break below it will make gold dip and head to 1000 while a break above it will test 1240.
As price moves further, i will keep an update. Dont be far.
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