Gold appears to have been pushed out of the daily supply zone after the 4 hour downtrend ends and rises. Currently, we are waiting for a decision whether the daily downward wave will continue or whether it will be propagated from the daily correction to the weekly correction.
As the DXY rebound in the daily demand zone has failed and has been pushed down, it is likely to proceed with a weekly correction process. Also, if USDJPY fails to rebound in the daily demand zone, it will be a weekly correction, so short-term JPY strength may come out.
If that happens, there is a good chance that Gold will also move towards the weekly supply zone.
If Gold does not come out significantly after reaching the daily supply zone again, it will proceed as a weekly correction process. And, it will rise towards the weekly supply zone, and it is highly likely that it will end the weekly correction and then decline again. If it rises higher, the monthly correction will also be more likely.
As the DXY rebound in the daily demand zone has failed and has been pushed down, it is likely to proceed with a weekly correction process. Also, if USDJPY fails to rebound in the daily demand zone, it will be a weekly correction, so short-term JPY strength may come out.
If that happens, there is a good chance that Gold will also move towards the weekly supply zone.
If Gold does not come out significantly after reaching the daily supply zone again, it will proceed as a weekly correction process. And, it will rise towards the weekly supply zone, and it is highly likely that it will end the weekly correction and then decline again. If it rises higher, the monthly correction will also be more likely.
Note
Note
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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.