Long
XAU/USD towards $1,830?
Very interesting formation on Gold!
The price broke the falling wedge inside the descending channel to the upside with 4 waves up. Currently, we are waiting for small wave 5 to reach the beginning of the falling wedge at $1,778. After reaching $1,778, which is considered a strong level as it is the beginning of the falling wedge, I expect to see some pullback for wave 2 for about 50% to 61.8% before continuing its way up for more upside towards $1,804 as our first target.
If the price manages to break $1,804, we may see a continuation to the overall uptrend to retest $1,831 which is the beginning of the descending channel
The price broke the falling wedge inside the descending channel to the upside with 4 waves up. Currently, we are waiting for small wave 5 to reach the beginning of the falling wedge at $1,778. After reaching $1,778, which is considered a strong level as it is the beginning of the falling wedge, I expect to see some pullback for wave 2 for about 50% to 61.8% before continuing its way up for more upside towards $1,804 as our first target.
If the price manages to break $1,804, we may see a continuation to the overall uptrend to retest $1,831 which is the beginning of the descending channel
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