I'm looking for gold to retest the C leg of the Bearish ABCD pattern. You can measure this move yourself from D leg to C
Similar to how the SP500 retest, but failed to breakout of the bearish channel .
In addition, this whole move from D leg to C is a retest of the 4 hour head and shoulders pattern. There will be a strong attempt to invalidate this zone by gold bulls.
Follow by a retest of the 4th wave, and see if previous resistances becomes support.. I ultimately see gold rising to 2040, no guarantees if it breaks above 2040 before Rate hike decision is determine. However, I believe the momentum is a great selling opportunity and build up to make a good profit.
With the right momentum, don't be surprise if Gold forms a nice base here
Similar to how the SP500 retest, but failed to breakout of the bearish channel .
In addition, this whole move from D leg to C is a retest of the 4 hour head and shoulders pattern. There will be a strong attempt to invalidate this zone by gold bulls.
Follow by a retest of the 4th wave, and see if previous resistances becomes support.. I ultimately see gold rising to 2040, no guarantees if it breaks above 2040 before Rate hike decision is determine. However, I believe the momentum is a great selling opportunity and build up to make a good profit.
With the right momentum, don't be surprise if Gold forms a nice base here
Note
expect a major assist from oil prices 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.