〽️ XAU/USD Retracement Back to Fib Resistance of Wave 4 〽
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Hi traders,
Gold (XAU/USD) continued with the bearish momentum but is now finding buyers at the support zone.
Gold
Weekly
XAU/USD seems to be in an impulsive wave C (purple) of larger bearish corrective wave Y (pink) of wave 2 (light purple). A bearish break below the support zone could indicate a bearish continuation towards the next support area, which is indicated by the two green horizontal lines.
Day
The XAU/USD bearish price action is most likely an impulsive wave 3 (orange). The bullish bounce at support (green) could indicate the end of wave 3 and the potential start of a bullish wave 4 (orange) correction. A break above the 61.8% Fib of wave 4 vs 3 invalidates the wave 4 whereas a break below support confirms the downtrend.
4 hour
XAU/USD seems to be building an ABC pattern within wave 4.
Good trading,
Chris Svorcik
Elite CurrenSea
Grt work on Gold
Thank you 🙂