MMHVW - 1294 could be the area of value in this downtrend on XAU. Once at this level I will be looking for a entry trigger. If the pattern on the chart - 3 drivers - plays out we could see a pullback on XAU price as this is also a Terminal Wave. With terminal the price should break wave 2 & 4 trendline and retrace most or all of Wave 5 - so this could pullback to 1294/1308 from 1252.
This in not financial advice so do you own research. If you trade you will be looking at your trade plan and also managing the risks. So entry at 1294 with stop outside the fork just in case the trade goes the other way.
This in not financial advice so do you own research. If you trade you will be looking at your trade plan and also managing the risks. So entry at 1294 with stop outside the fork just in case the trade goes the other way.
Lord MEDZ
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Lord MEDZ
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.