We recently updated for gold correction Gold Caught By Elliot at 1249 looking short Report in which suggestion was short gold.
Here In the recent Chart, there is the sharper decline for the move in the correction so here at this place, we are looking the completion of correction. the recent Economic Events in U.S economy.
|4-Week Bill Auction||0.570%|
|3-Year Note Auction||1.630%|
|Consumer Credit (Jan)||8.79B||17.10B|
|API Weekly Crude Oil Stock||11.600M||1.660M|
So gold plunged at the level of 1206 recently gold is trading at 1204.
Some analysis using Elliot we are looking for the gold in upside move target of 1321 .and the reason for this are as follows.
- Gold still in channel movement.
- Relative Strength Index is In oversold zone.
- Fibonacci Retraced up to 0618.
- There is a formation of a pattern.
So idea is to Remain Long on the gold despite making it as a bearish it holds the pattern of Elliot at this level and suggesting the target level of 1362
We are looking at the boost of U.S economy may continue .but the Direction of USD index is measuring as the correction for the shorter term.So that would be valid and better to remain long at this level of 1204.
Some Key levels For Gold
Long Levels 1217 1233 1241 1254
Short Levels 1198 1182 1172 1148
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