Supporting the possibility of it going to the 0.786 from the 0.618 on the daily , gold on the 4hr time frame is making a bearish structure that can possibly be an abc(zigzag) correction currently making wave (B). we therefore wait for short term bearish confirmation on the 1.618 extension or 1.272 extension of wave c of (B). The other scenario confirming it rising from the 0.618 on the daily will be if the extension levels fail to hold. H4 short for now.
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.
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.