Gold Trading Tips for today: On the daily chart, the fifth wave of the higher level (5) develops, within which the first entry wave 1 of (5) formed, the correctional wave 2 of (5) developed, and the wave 3 of (5) forms.
Now, the gold first wave of the lower level i of 3 is developing, within which a local correction has ended as the wave (iv) of i, and the fifth wave (v) of i is developing. If the assumption is correct, the pair will grow within the wave to the levels of 1919.90–2067.60. In this scenario, critical stop loss level is 1752.82.
Gold Intraday Trading Tips
GOLD TIPS FOR TODAY | |
BUY | Long positions will become relevant during the correction, above the level of 1752.82 with the targets at 1919.90–2067.60. Implementation period: 7 days and more. |
Alternative Scenario | |
SELL | The breakdown and the consolidation of the price below the level of 1752.82 will let the pair go down to the levels of 1681.52–1620.43. |