Gold (CMP: $1251.9) - is
showing bearish outlook for the short term and bullish outlook for the medium
term perspective.
Gold is in the progress of major “wave b/x” , “wave a/w” has ended at
$1180 on june,28.
The major “wave b/x” is three
wave structure which can be “Flat pattern or Double Combination pattern”.
Intermediate “wave b/x” has retraced more than 61.8% retracement level of
intermediate “wave a/w”. Now wave b/x could completed around $1200 - $1180
levels which is sub-divided into (a-b-c) zig zag pattern. After the completion
of intermediate “wave b/x” then “wave c/y” could rise toward $1433 (Top of
minor “wave a/w”) to $1500 or more.
In the short term the price is
moving within the smaller downward sloping channel setup (Marked dotted blue
line) which is a bearish sign for gold. The price is forming a lower top lower
bottom on the weekly chart, which adds move strength to our bearish
stance. In addition weekly oscillators
are placed in favor of bears.
Conclusion: Gold could fall towards $1200 - $1180 levels. After
tested $1200 - $1180 levels, it will head towards $1433 – $1500 in medium term
perspective.
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