The precious metal is in strong downtrend and formed a 12345 Elliot wave.
It is due for a correction in the form of ABC wave.
The 8-hour chart indicates that gold has crossed its resistive trendline and also formed a mild supportive trend line.
We expect it to re-test the broken trend line once again and take support at the supportive trend line.
As long as the supportive trend line holds, we expect a bullish rally in the counter.
It is due for a correction in the form of ABC wave.
The 8-hour chart indicates that gold has crossed its resistive trendline and also formed a mild supportive trend line.
We expect it to re-test the broken trend line once again and take support at the supportive trend line.
As long as the supportive trend line holds, we expect a bullish rally in the counter.
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.
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.