GOLD Is Breaking Out, New Support $1960 for SAXO:XAUUSD by ew-forecast

GOLD Is Breaking Out, New Support $1960

Gold broke to a new high at the start of February, but then sharply reversed as USD rallied across the board on inflation worries. We seen a sharp sell-off, that now looks like a completed correction to 1800, as turn-up from here is now very aggressive and extended. Looks like a textbook wave three that also took out 1959 level so more gains will be expected after wave 4 pullback. Nice support will then be this previous high, if its going to be retested.

Note

As expected, after a wave 4 correction, which turned out to be a triangle, we can now see gold moving into 5th wave targeting 2030 - 2070 area.

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