Short-Term Trade Plan In Gold

Alexandros Yfantis

Alexandros Yfantis • Sep 26, 2017 at 11:38 AM EDT

With Gold pulling back from $1,350 to $1,288 over the last few sessions, I believe it is time for the precious metal to start its next leg up towards $1,400 and why not higher.

Hi traders, with Gold pulling back from $1,350 to $1,288 over the last few sessions, I believe it is time for the precious metal to start its next leg up towards $1,400 and why not higher. Since our warning calls around $1,350 for a pullback…

#GOLD expecting a pause of the up trend at the magenta trend line at 1350$. Break it later and we got to 1500$ pic.twitter.com/6HmOOH579m
— Alexandros Yfantis (@alexanderYf) September 1, 2017

The uptrend paused right at the trend line resistance and we pulled back towards $1,290-$1,300….Once the correction was unfolding…my wave view for Gold was the following….

#GOLD #ELLIOTT #WAVES possible price movement towards $1,300 to complete corrective pull back.... pic.twitter.com/m7bzyCyfEn
— Alexandros Yfantis (@alexanderYf) September 18, 2017

Price made new lows below $1,300 after the FOMC as expected…..

#GOLD Will Yellen provide the final push lower towards $1,298? price remains inside bearish channel pic.twitter.com/GOZfGXWECX
— Alexandros Yfantis (@alexanderYf) September 20, 2017

And all the signs were there for a reversal….we did not fear the $1,300 pullback or even the new lower lows….

#GOLD not scared at $1,300 we were expecting it....https://t.co/eshWXwLgWI
— Alexandros Yfantis (@alexanderYf) September 20, 2017

Because we were expecting it….And yesterday? The miners started to show that the reversal was coming….

#GOLD expecting Gold and miners to pick up speed soon.... pic.twitter.com/jbLC4glN8D
— Alexandros Yfantis (@alexanderYf) September 25, 2017

What about now? Gold bounced back above $1,300 and reached the Ichimoku cloud resistance on the 4-hour chart and got rejected.

(Click on image to enlarge)

Gold most probably has already started its next leg up. A pull back and a higher low is expected. Maybe between $1,295-$1,305. We will have confirmation of the trend change in the short-term back to bullish once we break above the high we made on the FOMC day…around $1,317. Once this is done…..we look for our first target around $1,400.

(Click on image to enlarge)

So buying the pullback with a stop placed at recent lows is a good risk-reward strategy, with the plan to add if and when we break above $1,317.

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