Gold – Learn to Switch Views

14 Apr - Gold Daily

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Hi All,

On 3rd April, I made a comment that price could break or bounce the strong support level around 1530  (see article). Personally, I was looking for price to bounce but price broke below it instead. Was I surprise? Absolutely not, we should always be prepared to switch our views – see related article – and trade what we see (and not what we think).

At the moment, price is bearish but it does look over extended.  I am expecting the first leg of an Elliot Wave 1-2-3-4-5 pattern (see article) to end soon although it is difficult to know where Wave 5 would end. With that, I shall sit aside and wait for price confirmation.

Thank you and happy trading!!

 

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