It seems that gold has finished an downward impulse wave and is currently undergoing a corrective phase, as per my preferred wave count analysis. My outlook on gold remains bearish, anticipating either a continuation of wave 3 or wave b correction. It seems we are currently in wave c of wave 2 of B. If the price of #XAUUSD encounters resistance at a specific channel, it could provide an opportunity to profit from a short position.
Note
Wave 2 target is fibo retracement 0.5 to 0.618. My anticipation would change if it breaks above that level.
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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.