I believe that gold is currently undergoing a significant and prolonged ABC correction. At the moment, we are in a subordinate wave structure, specifically within a WXY correction pattern, marked on the chart with [A], [B], [W], [X], [Y], and [C] in red.
For the upcoming weeks and days, it is crucial to observe the potential price movements. In my chart, I have drawn the larger timeframe with white lines to illustrate the overarching trend, while a red line indicates the smaller, subordinate wave structure.
Currently, we are in the red-marked WXY zone, which suggests that around the 3,286 level could be an ideal point to enter a long position targeting higher levels in wave Y. Conversely, this could also be an opportune moment to short down to wave B and then C.
On the short-term chart, we are at point A, marked in yellow. After reaching A, I expect a trend reversal within the highlighted rectangle towards B (also marked in yellow), followed by an upward move to C.
Subsequently, we may see a five-wave decline labeled as i, ii, iii, iv, v. After this decline, a corrective upward movement is anticipated, characterized by an ABC pattern.
These are my expectations for gold based on this analysis. Please note that this information is for educational purposes only; there are no guarantees regarding trade execution or outcomes. Whether you decide to enter a position or not depends solely on your own judgment.
For the upcoming weeks and days, it is crucial to observe the potential price movements. In my chart, I have drawn the larger timeframe with white lines to illustrate the overarching trend, while a red line indicates the smaller, subordinate wave structure.
Currently, we are in the red-marked WXY zone, which suggests that around the 3,286 level could be an ideal point to enter a long position targeting higher levels in wave Y. Conversely, this could also be an opportune moment to short down to wave B and then C.
On the short-term chart, we are at point A, marked in yellow. After reaching A, I expect a trend reversal within the highlighted rectangle towards B (also marked in yellow), followed by an upward move to C.
Subsequently, we may see a five-wave decline labeled as i, ii, iii, iv, v. After this decline, a corrective upward movement is anticipated, characterized by an ABC pattern.
These are my expectations for gold based on this analysis. Please note that this information is for educational purposes only; there are no guarantees regarding trade execution or outcomes. Whether you decide to enter a position or not depends solely on your own judgment.
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.
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.