Hi Traders,
GOLD (now at 1284.35) topped and reversed. At the moment, it's not clear whether this is a just a retracement to 1251-53 or it's the start of a real downtrend. Many traders remain cautious.
Gold weakness might be due to the recent Chinese ban on overseas investments. If this is the case, Chinese money simply dried up.
However, as all major stock indices head South, money could be either re-directed to commodities (included Oil, Gold, and crypto-currencies) or simply to the USD and the CHF. If the market picks the first group Gold will rise. Conversely, Gold dives.
ELLIOTT WAVES
The weekly chart shows that Gold topped around 1300 by completing wave 2. The daily chart shows a nice shooting star which usually is a reliable reversal pattern.
Finally, both the 4-hour and the 1-hour charts display a remarkable reversal candlestick (top right).
Monthly chart. Click to enlarge
Weekly chart. Click to enlarge
Daily chart. Click to enlarge
4-hour chart. Click to enlarge
1-hour chart. Click to enlarge
15-min chart. Click to enlarge
GOLD (now at 1284.35) topped and reversed. At the moment, it's not clear whether this is a just a retracement to 1251-53 or it's the start of a real downtrend. Many traders remain cautious.
Gold weakness might be due to the recent Chinese ban on overseas investments. If this is the case, Chinese money simply dried up.
However, as all major stock indices head South, money could be either re-directed to commodities (included Oil, Gold, and crypto-currencies) or simply to the USD and the CHF. If the market picks the first group Gold will rise. Conversely, Gold dives.
ELLIOTT WAVES
The weekly chart shows that Gold topped around 1300 by completing wave 2. The daily chart shows a nice shooting star which usually is a reliable reversal pattern.
Finally, both the 4-hour and the 1-hour charts display a remarkable reversal candlestick (top right).
Monthly chart. Click to enlarge
Weekly chart. Click to enlarge
Daily chart. Click to enlarge
4-hour chart. Click to enlarge
1-hour chart. Click to enlarge
15-min chart. Click to enlarge
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