As shown in the post above, I'm waiting for the downside breakout from the symmetrical triangle. You can have elliot wave counts within triangle or just skip it, its purely based on trade rules. I feel XAUUSD is weak on long timeframe also though it has support around 1200;s zone but breaking the zone will result in heavy downside movement.
Happy Trading !
Trade ist aktiv
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But pullbacks possible, only after 1212's we will see a good drop, So plan your stops accordingly to avoid backlash
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Re-draw the lower trendline, to be in sync with market moves, Xauusd is still ranging
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Though it tested our patience a lot, finally we got the move from the breakout as expected ;)
@InsiderB, What are the possible targets for downside? I was bear for stock market but bullish for Gold. I think I should change my point of view and adopt with the ongoing scenarios.
InsiderB
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@nirav5, For this particular setup I'm not expecting more than 1205's-1200's. But we are almost sure about Fed rate hike & Dxy surging on weekly chart, smart money will move out of Gold on rate hike, so these indicates that 1150's first & 1050's next based on Global scenario's emerging in 2017.
nirav5
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@InsiderB, I think last time Gold started going up after rate hike in December, 2015.