Gold has been trading bearish for a while now and it's clear we are in an impulse phase. Wave 1 and 4 are not yet overlapped and wave 4 is trading between the 38,2 to 50% Fibonacci levels. Price is more likely to touch 50% before selling off soon and completing the fifth wave. The wave 5 is a motive wave meaning it can be an impulse or a diagonal pattern.
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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.