〽️ XAU/USD Retracement Back to Fib Resistance of Wave 4 〽

2 min read

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

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Morris

Grt work on Gold