Gold - Another Push To The Upside
For this setup we have:
- Elliott Wave minor wave 2 completion and a potential of a minute wave 2 completion (completing within the range shown on the chart) once complete will push price violently to the upside.
- Middle of Elliott Wave channel as support.
- Minor 50.0 Fibonacci retracement (Wave 2 could complete within the range shown on the chart).
Overall, there is still a lot of potential for Gold to the upside, due to the US-China trade war uncertainties and a manufacturing recession in the US which was shown to be in the contraction territory for the last 2 months. Therefore, I believe that there will be another flow to safe havens which makes Gold a great set up both technically and fundamentally.
SL: 1465.00
TP1: 1536.00
TP2: 1557.00
TP3: 1585
Enjoy!
- Elliott Wave minor wave 2 completion and a potential of a minute wave 2 completion (completing within the range shown on the chart) once complete will push price violently to the upside.
- Middle of Elliott Wave channel as support.
- Minor 50.0 Fibonacci retracement (Wave 2 could complete within the range shown on the chart).
Overall, there is still a lot of potential for Gold to the upside, due to the US-China trade war uncertainties and a manufacturing recession in the US which was shown to be in the contraction territory for the last 2 months. Therefore, I believe that there will be another flow to safe havens which makes Gold a great set up both technically and fundamentally.
SL: 1465.00
TP1: 1536.00
TP2: 1557.00
TP3: 1585
Enjoy!
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.