As expected, gold is making a strong push to the upside, and this now looks like a fifth wave of an impulsive price structure on the 4-hour time frame, coming from the 2830 area. As we know, after every five-wave move, the market is typically expected to slow down. Ideally, this limited upside could be seen around the 3100 to 3150 Fibonacci resistance zone. If we suddenly see a reversal from this area and a break below the impulsive channel, it would be an early indication that bulls may take breather
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Gold in profit Note
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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.