Gold wave cycle (I) last correction stage
The long consolidation of gold prices could characterize a wave 2 or be part of a very elaborate (C) wave of the type a-b-c-d-e (extended). If wave 2 has been completed, then wave 3 has to overcome a very strong resistance provided by the Ichimoku cloud in order to reach the resistance line at 1270 (approximately). The terminal (C) wave that follows both scenarios leads gold prices towards the highly probable support range of 900-1000, with 950 being more likely.
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.