Welp, up move didn't last long - with $DXY strengthening to start new week.
XAU/USD & XAG/USD - Gold & Silver Traders Thread
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gold has the potential to rise because of the Chinese New Year
- #56,485
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IMO weekly is still pointing down but daily came close on Friday to turning up. Maybe Monday it will move higher enough for me to believe daily trend has changed to up, maybe?
Now if it instead turns back down then following chart with EW count/ Fib Projections may still be in effect to setup a 5th wave down (of greater wave C) targeting 2001.xx zone, 1969.xx zone or 1940.xx zone around Jan 30th-Feb 8th timeframe:-
Any close above Jan 15th low voids this scenario completely.
TWT
Now if it instead turns back down then following chart with EW count/ Fib Projections may still be in effect to setup a 5th wave down (of greater wave C) targeting 2001.xx zone, 1969.xx zone or 1940.xx zone around Jan 30th-Feb 8th timeframe:-
Any close above Jan 15th low voids this scenario completely.
TWT
- #56,486
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Although XAUUSD price action on the H4 time frame turned sideways on Friday after a bullish correction, the prevailing technical impulse is bearish. Besides, the intra-day market imbalance created southward by recent technical patterns could incentivize a southward liquidity sweep.
I may be wrong. Trade safe and prosper.
KP
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
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