XAUUSD - Ascending Channel Breakout
As Shown XAUUSD has broken out of its ascending channel and impulsed downward giving indication gold may be in a bearish trend now and the trend has reversed.
It seems we are in the first wave of the Elliot wave theory which is the impulse wave that is shown on the chart. We may see a further continuation or we will see a retrace to the key FIB levels of 61.8 (1922) or 78.6 (1939) before we see a continuation downward.
Either way we should wait for confirmation of the trend line breaking or confirmation of the key FIB levels showing signs of resistance. I marked this Idea to be Invalid around 1961 and the target levels to be around 1830 and 1777.
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It seems we are in the first wave of the Elliot wave theory which is the impulse wave that is shown on the chart. We may see a further continuation or we will see a retrace to the key FIB levels of 61.8 (1922) or 78.6 (1939) before we see a continuation downward.
Either way we should wait for confirmation of the trend line breaking or confirmation of the key FIB levels showing signs of resistance. I marked this Idea to be Invalid around 1961 and the target levels to be around 1830 and 1777.
Upgrade your trading with me
For FREE SIGNALS and if you would like to see updates on this idea and many more please follow:
WrightWayInvestments
WrightWayInvestments
WrightWayInvestments
✅ Hit the like button, and share for more!
Note
GOLD HAS BROKEN OUT AND SHOWING NICE DECLINE!Note
Still going!
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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.