? Gold Builds Final Wave-4 Pattern Before Bull Reversal ?

2 min read

Hi traders,

Gold (XAU/USD) seems to be building a bullish ABC (orange) pattern within a wave 4 (green) correction. Price already bounced at the 50% Fibonacci retracement level but price will need to break below the support trend line (blue) before the end of the wave 4 becomes more likely.

XAU/USD

4 hour


Gold is probably not in a wave 4 pattern (green) if price breaks above the 50-61.8% resistance zone, which is also indicated by the resistance boxes. In that case a different wave pattern is more likely. If price does push lower, then this could be the final swing within the wave Y (purple) correction.

Day


XAU/USD is building a pullback within the downtrend unless price manages to break above the Fibonacci retracement levels of wave 4 (green). The green lines indicate a key support zone where a larger bullish reversal might start.

Good trading,
Chris Svorcik
Elite CurrenSea

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