Thursday, July 7, 2016

Intra-day View: Gold at a Battle Ground

In the last update, we discussed about the possibility of Gold price to fall after the emergence of a long term diagonal pattern We suggested that if price responds to this pattern, we could see price lower to 1300 and below in the coming weeks. Read the analysis again HERE,

The chart below was used.

Afterward, price rallied and made a ''throw over'' on the diagonal but immediately came back.
The pattern is still very valid but price has not started that volatile wild move we often see at the end of a diagonal. Patience has to be exercised here to be sure where price could be heading.

We expect the breakout pattern to be an impulse wave as projected in the chart below

Now price is bound between 1375 and 1359 which are the terminal and starting level for the first wave of the impending breakout impulse wave.

A break below 1359 downward will give the bears a good ground to move the price to around 1300 (or below) especially if the diagonal is broken appropriately.

Conversely, if price rallies further and breaks 1375 upside, it could mean the bulls will still have more control. At this point, we will re-analyze and see what new level to look out for what price is saying.

One thing is almost sure, the Bears is around the corner but patience is needed to take advantage.

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