Hi traders,
Gold (XAU/USD) seems to be showing a strong bearish reversal after building a double top near $1400. The correction was expected within a larger corrective wave 2 (purple).
XAU/USD seems to be building a corrective wave Y (pink) that is going back to the support zone which is indicated by the green trend lines.
XAU/USD is building a bearish ABC zigzag pattern. The wave C (purple) could take price back to the support zone and double bottom near the 78.6% Fib.
XAU/USD seems to be building strong bearish momentum, which is usually a wave 3. Once the wave 3s are completed, then price should build shallow and corrective wave 4s before completing the entire wave C.
Good trading,
Chris Svorcik
Elite CurrenSea
Great work Chris.. Thank you very much.. 🙂
Hi Pasindu, thank you for the kind words, happy to hear it 🙂