Gold Bulls Deny Bearish Continuation and Eye $2400 Target
Updated
My previous read of Gold's wavemap has been proven invalid through price action. Any chance of a drop to the levels of 17xx have been very likely denied considering today's price action. With the removal of certain possibilities, only a couple similar options remain on the table. With anticipated support to come near the levels of $1830-$1870, I expect Bulls to continue their dominance up to the heights of $2300-$2400 before any macro bear sighting is found. Congrats to all buyers and good luck in the future to all others.
Note
Note
Constantly searching for signals through price action, I have no shame in adjusting perspective based on the moves that are realized through chart movements. Initially (when this post was made), I though XAU would flesh out a pretty weak Running Flat correction but based on the internal movements observed since posting, it seems that B Wave of the Flat will indeed reach towards the 1.38 extension level of Wave A (between $2024 and $2065)Considering that this should be a 3 swing move, I expect that the first swing will terminate near the range of 1960-1970 before making a mid-wave correction.
On Daily and Weekly charts, there is no serious bear/resistance anywhere near current price of 1930 though (hourly/daily) oscillators suggest that the levels are already overbought.
In the bigger picture, price action from this week has removed all bearish perspective from my thought process and I am highly doubtful that XAU makes a break below $1835 at any point during the 2023 calendar year.
Will update this post next month (or as meaningful, macro invalidations are discovered).
Order cancelled
see most recent XAU idea below.
Join me on the waves, where its safe. discord.gg/QRPx6ShxMt
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