Gold (15-07-2019) break last three year top level and new HIGHER high is on the way.

Overview

Gold is calling for more upside as i posted in my previous analysis on 06 of July that currently the price in the mid of 3rd wave of wave C

 4 hours Chart (15-07-2019)

Correction of wave 4 is very noticed that it is formulating bull triangle so the best entry level to be at end of wave ((e)) . see 4H chart below.

i do prefer selected target for buyer to be between (0.618% – 100% Fibonacci extension of wave 1 i highlighted with red at the above chart , therefore you can readjust after completing wave 4.

second senario (invalidation level)

if the price break the previous wave 1 top (1344.77) it means that previous top reached on 25th of June is the end of wave C

1 hours Chart (15-07-2019)

the best place to buy gold is the equal leg of wave (a) which most properly would be located at the area between (1390 – 1400)

1H chart

Conclusion:

1- buy at ( 1390 – 1400 ), stop lose below (1344.50).

2- target profit between (0.618% – 100% Fibonacci extension of wave 1 (preliminary at 1440-1485)

3- don’t forget to move stop lose to the entry level after bouncing 50% of wave 4

Risk Disclaimer

Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

elliottwavelive

Expert trader integrate powerful of Fundamental analysis and news with distinguish of Elliott wave technical analysis for excellent trade setups.

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