Possible buying opportunity on Gold coming up shortly, on the higher timeframe I think this leg may be a wave E in a triangle (5th leg within a triangle)
There are two possible levels, 1086-1082 as a standard bat pattern, and 1082 as a complete AB=CD pattern as shown and possibly an alt bat pattern...
I will be watching gold closely over the next few days and if it shows any sign of strength post Fed meeting I will be buying around those levels with a relatively close stop loss.. Reward to risk wise, this has the opportunity to get up to 1132 fairly easily and possibly run to 1256 before even pausing... if not significantly higher longer term
If this is indeed the last leg in a triangle we are probably going to see a breakout or breakdown which very likely be quick and powerful so that is why my preference is to nibble at it now and if it fails get out quick as if it drops below the yellow band then we will likely see 1000 or lower very very quickly
There are two possible levels, 1086-1082 as a standard bat pattern, and 1082 as a complete AB=CD pattern as shown and possibly an alt bat pattern...
I will be watching gold closely over the next few days and if it shows any sign of strength post Fed meeting I will be buying around those levels with a relatively close stop loss.. Reward to risk wise, this has the opportunity to get up to 1132 fairly easily and possibly run to 1256 before even pausing... if not significantly higher longer term
If this is indeed the last leg in a triangle we are probably going to see a breakout or breakdown which very likely be quick and powerful so that is why my preference is to nibble at it now and if it fails get out quick as if it drops below the yellow band then we will likely see 1000 or lower very very quickly
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