Gold (XAUUSD) is being drawn towards 11th Oct Vibration Level and 11th Nov Bearish Breach with a Leading Diagonal still under development, most probably with a 3-3-3 sequence.
27th Jan low is not satisfactory as a 2nd Intermediate Wave due to its 38% Fibs Retracement (pink) which is revealing that in fact we only had the 4th Intermediate Wave (green) so far as a Retracement.
5th Intermediate Wave (green) is still under development, unfolding as a Leading Diagonal towards the end of the 1st Primary Wave (blue). The Leading Diagonal should complete once the Bearish Divergence will join and show a reliable sign that it has come to an end.
Fibonacci Extensions are all pointing out towards the Vibration Level which is quite significant and a Rejection is needed before the Retest and the Breach.
Short set-up Limit Orders:
Aggressive Entry – 1260.00
SL – 1280.00
Conservative Entry – 1270.00
SL – 1290.00
TP 1 – 1200.00
TP 2 – 1180.00
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(March 10, 2017)TP 1 Reached.