Observing today's sharp correction in gold prices, from an Elliott wave analysis perspective, we have completed wave 4 and are now poised to embark on the 5th wave, provided the price closes below 2614 as confirmation. The stop loss for this scenario is set at 2645.
The targets are 2595, 2575, and 2555.
Subsequently, we require confirmation of a close below 2542 to achieve the final target at 2483.
(If the price closes below 2614, consider the stop loss at 2645.)
The targets are 2595, 2575, and 2555.
Subsequently, we require confirmation of a close below 2542 to achieve the final target at 2483.
(If the price closes below 2614, consider the stop loss at 2645.)
Trade closed manually
Due to the political news, it is advisable to close now and await confirmation for the price to close below 2614.Note
price now 2621
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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.