GOLD: Bears targeting stops below 1180.00 by Reece Marini

GOLD Weekly

GW

Gold has found some support on the triple bottom and AB=CD (Blue) that coincided at 1180.00 as bears cover current short positions. There are likely a number of large stops sitting below this triple bottom with a break opening up this market for a much larger fall with the next major support not until 1035.00 were in Elliott wave terms wave 1 will be equal to wave 5.

GOLD H1

G1

The bears look to be selling against the 1:1 (Yellow) and 50 fib that coincide at 1209/10.00 if they can keep the market below this level look for the momentum to start to pick up on the down again. However a break above this 1:1 (Yellow) will see some further short covering take place.

GOLD M15

G15

Intraday players have been buying 1:1 dips in gold since the triple bottom and AB=CD (Blue) held up during Fridays trading session, if the buying fails to continue with the bears selling against the 1:1 (Yellow) look for intraday stops to be targeted below the 1:1 (Green) that held up earlier today.

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