GOLD finally reached the predicted level - do not rush to buy !
It took two and an half weeks after my prediction, but now gold finally broke down the 1200 level, completing an AB=CD pattern, a gartley pattern and is flirting with previous structure levels now.
No need to rush into a long position yet though, RSI is not oversold yet, and we have not reached the previous lowest close around 1188 and lowest low around 1178, so there is still margin to the downside.
I guess that gold will try and test these levels before all the buyers who were waiting to break the 1200 level will start to push prices up again.
I'd advise to wait at least for a double bottom around 1180 with RSI divergence before buying.
No need to rush into a long position yet though, RSI is not oversold yet, and we have not reached the previous lowest close around 1188 and lowest low around 1178, so there is still margin to the downside.
I guess that gold will try and test these levels before all the buyers who were waiting to break the 1200 level will start to push prices up again.
I'd advise to wait at least for a double bottom around 1180 with RSI divergence before buying.
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Twitter: twitter.com/NicoMuselle
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