Gold H1 (XAU/USD)
The 1-hour XAU/USD chart reveals a potential corrective Elliott Wave (A-B-C) pattern following a completed (W-X-Y) structure.
Expected Corrective ABC Pattern:
Key Levels to Watch:
Support Zones:
Keep an eye on the evolving market conditions and adjust your trading strategy accordingly. Good luck!
Expected Corrective ABC Pattern:
- Wave (A): The initial decline is anticipated to target the $2,605-$2,620 support zone.
- Wave (B): A minor retracement is expected to occur, likely staying below the $2,662 resistance level.
- Wave (C): The final wave may extend the decline towards the $2,560-$2,580 lower support zone.
Key Levels to Watch:
- Resistance: $2,662
Support Zones:
- Middle support: $2,605-$2,620
- Lower support: $2,560-$2,580
Keep an eye on the evolving market conditions and adjust your trading strategy accordingly. Good luck!
Note
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.