Gold is moving upwards and the count indicates it will give two more pullbacks before reaching 2830 in the middle of November 2024. Currently the momentum is strong and until two way market develops, only long positions should be established. I will update the idea when we reach final phase of the move.
Note
Possible path forward:Note
The key price level to watch is 2600. If it drops below that, the count can change but unless it does, then we're still in the main scenario presented: searching for a low with circle yellow 4.Trade active
We're probably going to attack 2700 nowTrade active
At this point we are most likely going for 2720Trade closed manually
Current momentum is too slow to justify laid out scenario of wave 3 of 5. This is most likely still a correction phase. May be that wave 4 is not yet finished.
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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.