It’s been one hell of ride trading Gold! For the past 2 months – our view has been persistent, we have stayed net bearish on Gold and finally it is paying off. When Gold reached our projected wave B zone at ~5300/400 – we sent out a warning to our members, that we could be running up to major resistance zone that could be a lower high forming, a top stays locked-in on speculation that FED will stay on hold for much longer due to geopolitical issues and higher yeilds. Let’s check out what we had to say back then:
“As Gold has been rejected from our resistance zone, be aware of higher degree wave pullback back into support zones around 4384 / 4279 as the price action unfolds. Currently, we can see some sideways price action, before higher degree trend resumes towards downside”
This update has been sent out 9th of March:
Moving forward, as Gold was consolidating, you could have seen many traders on social media calling for higher prices as the war between US/Israel and Iran was escalating – but instead, the trading pair reversed sharply and is down -16% percent from the highs. We have stayed on track once again with market and price has respected our projected waves
Let’s check out what we had to say 12th of March:
“Gold is slowly starting to exit this sideways range, and we can see how wave 2 formed at 5240 which can send price back into value zone at ~4400. Once the channel breaks, things can accelerate and higher degree wave correction can resume it’s trend. We remain net bearish on Gold”
Today, 19th of March – we sent out another update, confirming that Gold broke down from our projected channel and was accelerating the higher degree wave C corrective trend. We offer you part of this analysis today for free:
“So we still think that a higher degree wave four correction is underway from the January highs, and there is a good chance that price will continue moving toward the lower side of this range.
Looking at the bigger picture charts and the structure there, we see very strong support around the 4000 to 4300 area.”
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