Hi Traders,
My technical analysis of
XAUUSD suggests we are currently in a corrective wave 2 pattern. This correction could take gold to the 1800-1780 region, likely around October 2023.
After wave 2 finishes, wave 3 has potential to break above 2000 and resume the larger bullish trend.
However, we need to see the correction play out first, so I don't anticipate a sustained upside move until after wave 2 completes.
For now, I'm cautious on new long positions in gold until we see signs of wave 2 bottoming out around 1780-1800. Once the correction finishes, I will look to go long for the next leg up towards 2000 (around 2300).
Let me know if you have any other opinion!
My technical analysis of
XAUUSD suggests we are currently in a corrective wave 2 pattern. This correction could take gold to the 1800-1780 region, likely around October 2023.After wave 2 finishes, wave 3 has potential to break above 2000 and resume the larger bullish trend.
However, we need to see the correction play out first, so I don't anticipate a sustained upside move until after wave 2 completes.
For now, I'm cautious on new long positions in gold until we see signs of wave 2 bottoming out around 1780-1800. Once the correction finishes, I will look to go long for the next leg up towards 2000 (around 2300).
Let me know if you have any other opinion!
Note
I've recently updated this analysis with further details:The market is now trending towards the 1857 to 1852 range.
Note
The first Short Signal already hit TP, I will wait for the rate around 1799~1795 to take Buy order
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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.