Gold’s Collapse into Key Support Target August 25

Aug 25, 2016: 11:00 AM CST

Gold completed a Triangle and Price Projection Target toward the prior low which sets up a possible short-term support-bounce rally.

Let’s pinpoint the pattern and plan for a possible bounce.

I’ve gone into more detail and trade planning with our members, but wanted to highlight this possible pivot.

A quick glance shows our Successful Symmetrical Triangle (Midpoint near $1,353) and the recent late-August breakdown.

We had to targets – the simple prior low from late July ($1,320) and the AB=CD pattern – and to an extent the triangle target – also aligning near $1,320.

We’re seeing a clear positive momentum divergence as price stabs into this level.

So will Gold bounce?  That’s your trade!

Look to play the direct movement away from the $1,320 target, be it “dominant thesis short-term bull” or “alternate thesis breakdown bear” (toward $1,300).

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Corey Rosenbloom, CMT

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1 Comment

One Response to “Gold’s Collapse into Key Support Target August 25”

  1. Rawat Says:

    To be fair, it’s likely that we will see things turn around from here, but one always need to be prepared for unexpected just to cover up things. I find it so much easier with broker like OctaFX since they have luxuries like 50% bonus on deposit and the like able part here is we can use the bonus for margins, so that’s why it’s very handy and can help us go for bigger shots with low investment, I really like it and makes trading fairly easy for me.