The 15-minute chart for Gold (XAU/USD) shows a potential shorting opportunity as the market appears to have completed its fifth wave (5) in the current bullish cycle. The Elliott Wave structure suggests that a corrective wave is now in play.
Key Fibonacci Extension Targets:
1.0 Extension: 2489.085
1.618 Extension: 2469.989
These levels mark potential areas where the price might find support during the expected correction. Traders can consider short positions targeting these levels, with the 1.618 extension often providing a deeper correction target.
This setup could be ideal for those looking to capitalize on the anticipated corrective move in Gold.
Key Fibonacci Extension Targets:
1.0 Extension: 2489.085
1.618 Extension: 2469.989
These levels mark potential areas where the price might find support during the expected correction. Traders can consider short positions targeting these levels, with the 1.618 extension often providing a deeper correction target.
This setup could be ideal for those looking to capitalize on the anticipated corrective move in Gold.
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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.
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.