With yesterday's high, gold has probably reached its upside target with a high probability. At least the 0.786 extension was also reached in all sub-waves and in the gray (y) the ideal target, the 1.00 extension, was hit almost exactly. The first sell-offs then set in today. The minimum correction target is the 23.6 retracement at around 2263$. However, it can also go much lower, so the gold bulls should be on the defensive for the time being. It is not possible to make a serious statement about a possible point at which they could take over again. Only the course of the next few weeks, months or years will be able to tell.
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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.