Gold continues its weekly downtrend.
The current position is also the position where the daily correction can end and the downtrend can start again, but it is the position where the bullish pattern can start if the rebound is successful in the daily demand zone.
If the upward wave of the daily bullish pattern continues, it will reach near the monthly supply zone. Because the whole pattern is still a monthly correction process of the W-X-Y structure, if there is no further rise, a monthly down wave may start.
Conversely, if a rebound occurs near the weekly demand zone in the correction of the W-X-Y structure, it would be the case that the weekly upward wave starts. If so, it will be the case that the monthly correction process is extended or the weekly upward wave continues.
If you're looking to buy, look for opportunities in the daily demand zone.
good luck.
If a rebound fails in the daily demand zone, it will be a daily bearish pattern.
The current position is also the position where the daily correction can end and the downtrend can start again, but it is the position where the bullish pattern can start if the rebound is successful in the daily demand zone.
If the upward wave of the daily bullish pattern continues, it will reach near the monthly supply zone. Because the whole pattern is still a monthly correction process of the W-X-Y structure, if there is no further rise, a monthly down wave may start.
Conversely, if a rebound occurs near the weekly demand zone in the correction of the W-X-Y structure, it would be the case that the weekly upward wave starts. If so, it will be the case that the monthly correction process is extended or the weekly upward wave continues.
If you're looking to buy, look for opportunities in the daily demand zone.
good luck.
If a rebound fails in the daily demand zone, it will be a daily bearish pattern.
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.
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.