? Gold Testing 38.2% Fibonacci Level of Wave 4 ?

2 min read

Hi traders,

Gold (XAU/USD) seems to be building a corrective chart pattern, which could indicate a continuation of the uptrend if price manages to break above the resistance trend line (red). The main targets are the Fibonacci levels of wave 5 vs 1+3.

XAU/USD

4 hour


XAU/USD bearish correction is probably part of a wave 4 (orange) of a larger wave A (blue) of a bullish ABC zigzag. A break below the top of wave 1 (orange) invalidates the wave 4 and indicates that the wave A (blue) was already completed at the most recent high.

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Good trading,
Chris Svorcik
Elite CurrenSea

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