Gold (XAU/USD) is building a bearish retracement within the larger uptrend. A bearish breakout could see price test the 38.2% Fibonacci retracement level of wave 4 vs 3.
The XAU/USD is expected to continue with the uptrend after completing the pullback at the Fibonacci levels. A bullish bounce at the 38.2% or 50% Fibonacci levels should send the currency pair higher. One alternative is an immediate bullish breakout above the resistance trend lines (red).
The XAU/USD seems to have completed a bullish ABC (green) pattern within potential wave 4 (dark red). This remains valid as long as price stays below the resistance trend lines (red). A bearish breakout below the support line (blue) could confirm one more bearish push as part of a wave 5 (dark red) of wave C (orange) of wave 4 (blue).
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Chris Svorcik Elite CurrenSea