〽️ XAU/USD Bearish Momentum Builds Wave 3 Pattern 〽️

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).

Gold – XAU/USD

Month

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.

Week

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.

Day

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

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