? XAU/USD Massive Range Prepares for Bearish Breakout? ?

2 min read

Hi traders,

Gold, XAU/USD, has been moving sideways for weeks in a row. Price is unable to break above the resistance at $1350-60 nor below the support at $1300.

XAU/USD

Weekly

The current wave patterns favor a bearish break in my view because I am expecting an expanded WXY (pink) correction within wave 2 (light purple). A bullish break above the resistance could invalidate this wave analysis.

Daily

Price could be building a bearish 5 wave (green) if Gold manages to break below the support zone (blue). A bullish bounce could indicate a complex correction.

Good trading,

Chris Svorcik
Elite CurrenSea
.

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