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 ✅
Order cancelled
We have another analysis and and setup here for Gold, just posted today. 
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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.
💎 Kostenlose Community:
t.me/stromm_trading
-------------
Einblicke in mein Trading, Mindset, Marktgedanken und alles rund um Krypto & Aktien. ⚡️
Auf dem Weg zu einer der Top 10 Trading-Communities im DACH-Raum.
t.me/stromm_trading
-------------
Einblicke in mein Trading, Mindset, Marktgedanken und alles rund um Krypto & Aktien. ⚡️
Auf dem Weg zu einer der Top 10 Trading-Communities im DACH-Raum.
Related publications
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.