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This month I submitted to the Technical Analysis Contest a chart that shows a top in Gold. However, there is still a larger potential for another leg to the upside..
The above chart shows a completed ABC structure in Gold to the 1300 Area.
This chart shows on the hourly a structure to the downside has completed. On the charts, I've marked this downside move prematurely as a WX Structure, expecting a Y leg to take the Metal lower. However, the Daily chart can easily do a WXY structure instead moving up another leg to the upside.
On the Webinar I conducted today at 16:30 GMT - I explained to the viewers that Gold has just completed a flat structure to the 88.8& Retracement of the last leg up on the 1H. While price remains above 1152 we can expect another extension higher in Gold to take us to the 1340 resistance zone.
The above chart shows a completed ABC structure in Gold to the 1300 Area.
This chart shows on the hourly a structure to the downside has completed. On the charts, I've marked this downside move prematurely as a WX Structure, expecting a Y leg to take the Metal lower. However, the Daily chart can easily do a WXY structure instead moving up another leg to the upside.
On the Webinar I conducted today at 16:30 GMT - I explained to the viewers that Gold has just completed a flat structure to the 88.8& Retracement of the last leg up on the 1H. While price remains above 1152 we can expect another extension higher in Gold to take us to the 1340 resistance zone.
