Gold has extended its visit in the green zone between $1814 and $1847 and has reached its upper edge. Here, gold has finished wave 4 in green and should turn downwards to head for the orange zone between $1707 and $1657. There, it should complete wave 5 in green as well as wave iii in orange and start a countermovement in the course of wave iv in orange afterwards. There is a 40% chance, though, that gold could overshoot the green zone and make a detour above the resistance at $1921 before resuming the descent.
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📊 Free daily market insights combining macro + Elliott Wave analysis
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter - full free analyses at dailymarketupdate.com
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter - full free analyses at dailymarketupdate.com
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.