Gold BREXIT indicision….

So it looks like we have at least a temporary high as the dust settles following BREXIT victory! Prices are at cyclical support of 1302.48 and pivotal support of 1303.7. They should at best move down the the ML (deci confirmation) and test 1293 and we may get a reaction off the high as low as 1268.64. Bullish count is BREXIT high is W3 if 1302 is broken. Bearish it is M-4.

Gold WC 27 June

Tomorrow open above 1313.87 is bullish. It looks likely we will get a low this week around 1297, and if that does not hold then we looking in the 1270 area.

Gold D 28June

We should get a test of 1300 today before retesting 1317. Below I have bolded the cluster of ML's which prices need to work through and then these will provide stiff resistance.

Gold 28 June H

@hermann very similar to your count 😉

12 Responses to Gold BREXIT indicision….

  1. Hermann says:

    We had a wave failure yesterday at m-4 with the Austrian election that must be re done. So more uncertainty. I did not expect that news to have this much impact to markets. It was quite obvious, that this would be the case. Even the party that won the election said it should be redone because it was too irregular. Here in the case of market sense i have much much to learn to profit from my knowledge.

    The count that i give should not be seen as lower fractal. I am not sure if it is one fractal higher, but surely not lower in this case.
    Perhaps it helps you with decision Tony T

  2. Tony T says:

    Hey all,

    Interesting pattern for XAUUSD today. I feel like I properly marked its attempt to hit the high of 1333, but I’m having a difficult time charting whether or not it has ‘made its attempt’ to go back down to the low of 1300? Can’t tell if the move down has passed (and if it has then what are we looking for it to do into tomorrow?) If it hasn’t and the vibrating/hovering it has done through the day today is a precursor? Just losing my place and wondering if anyone is willing to share their insight.

    Many thanks! Just trying to set up my planned positions for the morning but can’t get a good read.

    • Marc says:

      Sorry @tonyt have just done Q3 update and set out those parameters. It is still in limbo – no direction. Looks like a top here with a pullback about $15 then mid next week run up to test 1350 before cropping back to test 1305

      Will do rest of updates tomorrow as heading out now.

      • Tony T says:

        It’s all good @marc – I’m in the process of having my ‘gold trading a$$ handed to me’ but it’s my own fault. Couldn’t see (nor really understand) this outrageous wave up we’ve seen overnight. Cruising right past the $1333 we spoke of earlier in the week! Not sure if I should take the loss and lick my wounds or expect XAUUSD to retrace some of this overnight $1.4% increase!?!

        If you have a sec – I’d appreciate your condensed opinion for today and today only. Just trying to ascertain if this wave up is expected to continue up AND/OR hover in the $1330-$1340s or if it should retrace.

        I appreciate it Marc. Thank you

  3. Jochen Forer says:

    Gold hit 3 times 1322 at H1 and reverse Good sign for me to go short for now.

    PSAR Points are

    H4 1306
    Daily 1252

    good trade everybody

    • Marc says:

      It is just vibrating its way through the support…… does not look ready for big move! GL

    • Jochen Forer says:

      Before opening europe we are around 1317

      PSAR Point H4 was elected @ 1314

      new H4 1358
      Daily 1255

      Silver did the jump over 18,50. Armstrong say now it swing up.
      If he right then we should see the reaction also in Gold.

  4. Tony T says:

    So Gents, there seems to have been quite a bit of noise lately, throwing off the counts. If we presume, as Marc suggested, that the low was in fact the low, how is everyones outlook tomorrow and through the end of the week? We did get close to testing the 1300 mark and then did come back up and are wanting to test the 1317…. Just curious on thoughts for tomorrow…

    • Marc says:

      For tomorrow 1313.87 number to watch. If today’s low holds 1333 high tomorrow before turning down again testing 1300.

      • Tony T says:

        I have NY Spot touching todays low @ $1305.55 today, so I’ll keep a close eye on it tomorrow. Thank you, as always for your timely response. I’m overhauling my strategy now constantly and I must say this is starting to get really fun! Prior to last weeks’ chaos with Brexit I had predominately taken 1-5 day long positions on plain jane tickers based on a broader expectation of the movement up or movement down based on the patterns, but have adjusted that substantially and am now applying the theory within the intraday trading.

        Thanks again Marc, definitely still wet behind the ears, but feel like I’m finally starting to pick up the theory.

  5. Marc says:

    We may have:
    subwave here if what is labelled m-3 and or m-2 has noise – confirmation break below 1305 before break above 1319.52
    c-3 low made on m0-1-2ML but needs to break m0-3-4MLU. – confirmation break below 1305 before break above 1319.52

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