🌍 Gold Market Analysis: Impact of Global Political Tensions
Updated
With the escalation of global political dangers and conflicts around the world, gold has once again become a central point of focus. This is particularly notable since it hit a new all-time high of $2,150 last December. Since then, however, the price has shown significant sideways movement.
Our forecast is based on the assumption that we are dealing with a zigzag correction. This correction is expected to stabilize for a Wave 4, which should not fall to the level of Wave 1, as that would invalidate our analysis. The Wave C of our internal ABC correction from 3 to 4 should be between 127.2 and 161.8%, thus at most up to the invalidation level. If this is breached, we would need to consider a bullish scenario, rendering the bearish scenario invalid.
<:lupe:1194934802281934858> We anticipate a retracement for the overarching Wave 2 between 50 and 61.8%. However, we also don't believe that it will fall below the $1,930 level. The exact point of stabilization remains to be seen, but we should expect another dip before a potential upward movement. ✅
Our forecast is based on the assumption that we are dealing with a zigzag correction. This correction is expected to stabilize for a Wave 4, which should not fall to the level of Wave 1, as that would invalidate our analysis. The Wave C of our internal ABC correction from 3 to 4 should be between 127.2 and 161.8%, thus at most up to the invalidation level. If this is breached, we would need to consider a bullish scenario, rendering the bearish scenario invalid.
<:lupe:1194934802281934858> We anticipate a retracement for the overarching Wave 2 between 50 and 61.8%. However, we also don't believe that it will fall below the $1,930 level. The exact point of stabilization remains to be seen, but we should expect another dip before a potential upward movement. ✅
Note
Please cancel this limit, we missed it by 4$...
We will still observe it and capitalize when a new opportunity shows itself ✅
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