Updated

Patience will make you a billionaire

As from my previous gold daily chart analysis, I mentioned a zigzag correction was going on and it is indeed still going.

Currently price is in Impulse C which many of us considering downtrend of GOLD but it is not. Gold is still in uptrend and after this completion of zigzag pattern it is going to a new all time high.

So what's next after today's big news released from USA?

Zigzag Pattern has the formation of 5-3-5, in overall ABC which means A has 5 moves, B has 3 and C has 5.

A was successfully completed.
B was successfully completed.
C ??!!!

Not yet.

C has completed its 1,2,3 move and 4,5 is remaining.

Now we are seeing GOLD is moving up that is the 4th move of the C not a trend reversal.

From here, Gold may go 1845/1860/1880/1900/1930

Then from any of these level we will see GOLD at 1780/1730 zone and completion of zigzag correction.

Then a fly to all time high.

I am attaching my previous daily chart analysis where you will see how accurately GOLD has followed the wave theory.

P.S. Gold will not complete its 4th move till FED RATE HIKE.

Enjoy and boost!!!

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Remember the levels I have mentioned above.

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1845 TOUCHED BUT NO REJECTION

1860 IS ALMOST HITTING ....

I am again telling you guys remember the zones I have mentioned

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Guys this is not a completed 4th move of Impulsive C.

Because the 4th move will also have 3 moves ABC because it is also a corrective move.

So far in this chart I can notice according to Elliot Wave price is making a zigzag correction in 4th move.

So the A will have 5 moves, B will 3 and C will again 5.

From any of the level 1863/1867/1875 price will be rejected and started to make the B of 4th move which I believe will fill the today's gap.

For your information the "B" of zigzag correction is small in duration.

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Have a cash day guys

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Remember guys, after completing the B there will be an impulse move of C so don't miss it.

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According to my wave analysis B is completed.

Now C impulse should begin.

Hope to see 1830 soon.

Enjoy....

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Wow now LEBANON and ISRAEL are fighting which leads to break the 1865 resistance.

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Price is near 1880 level

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Something is very strange.

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A short opportunity is there from the supply zone.

Target should be any of these FIBO Level

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1880 IS BROKEN

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IF PRICE MOVES UP FROM ANY OF THESE FIBO LEVEL THEN IT IS 4

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If price breaks 81% level and stay below this level then hold your sell till 1830-20

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Nice price has broken the 81%

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All I can find price has completed the A of the 4th move from our impulse C.

Now price will make the B in any of these Fibo Level then an impulse move towards 1900-1930

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This is why the title is "Patience will make you a billionaire"

I only study wave ...

My other confluences are Order Block and Chart Pattern.

FULL ON PRICE ACTION

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For learning purpose ...

For the scalpers, if the price breaks the PURPLE line I mean the low of [1] then the minimum target of this 3rd wave will be 61.80% extension.

Probably 1860.xxx

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We need to wait for this retest confirmation

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See you at 1920 after double correction completion .....

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I am back 😂🤣👌💵

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Here comes the first rejection ....

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I need more confirmation for a short ....

We are not market makers so our analysis has no value to them.

Even if I see GOLD at 1960 or even 2000 I won't surprise.

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FED’S HARKER: FED IS LIKELY TO BE DONE WITH RATE HIKES

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🔸FED’S HARKER: SUPPORTS HIGHER FOR LONGER INTEREST RATE STANCE
🔸FED’S HARKER: CAN’T SAY FOR HOW LONG RATES WILL NEED TO REMAIN HIGH

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LAGARDE: WILL RETURN INFLATION TO 2%

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Be patient ....

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All I need to wait ....

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Guys either this can be 123 or ABC.

if this is 123 then we will have 4 and 5 too.

4 will be corrective and 5 will be impulse with ending diagonal.

If this is ABC then I believe C should be minimum 161.80% extension that is 1942.xxx

All we need to wait patiently to find out the actual wave.

Is it 12345 or ABC!!

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This is a off topic.

GBPUSD 8 hour chart.

You can clearly understand the zigzag pattern.

Blue Color Font = Major Wave
Red Color Font = Intermediate Wave

Gold will do the same just watch .....

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If price breaks the level B (1953.xxx) then we will consider GOLD as an uptrend and the current wave will be the 1st wave of uptrend.

Lets see .....

More money to make.

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Price is near 50% retracement level and there is a strong supply zone (1934-1947)

If we see a strong rejection at this level then we can expect Gold to fall at least to 38.20% level for retest which is around 1905-1910

Matter of fact if there is no updated news of the war then this will happen.

All eyes are on today's movement of the war.

Just a single negative news from war will collapse GOLD vertically.

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Lets see today if this is ABC or just the 3rd move of A

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Is Price retesting the trend line?

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SOMEONE HAS STARTED TO TAKE PROFITS FROM VERY EARLY OF TODAY'S SESSION.

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See I mentioned above if there is no updated news GOLD will fall vertically towards 38.20% which I mention around 1908-1910

Lets see now if price can make a new High or fails.

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Told you guys retest of 38.20% ...

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FED'S HARKER:

**SAYS CURRENT INTEREST RATE ENVIRONMENT DRAINING HOUSING MARKET OF NEW BUYERS

**REITERATES U.S. CENTRAL BANK VERY LIKELY DONE WITH RATE HIKES

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Expecting an ending diagonal ....

If this happens and we find 12345 then this whole 12345 will be our "A" of 4th wave of C

Lets wait ...

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A possible sell today.

May be/

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All I can see a symmetrical triangle is forming

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Or this?

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I prefer the last one ....

Forming a rising wedge before drop.

There is no option of selling Gold whatever it is in our Supply Zone.

Confirmation is needed before going for the suicidal

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This is how the formation will go inside the wedge .....

I have mentioned with ROMAN 12345

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NO ONE CAN STOP GOLD NOW

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If this 1953 level breaks then we will see GOLD at 1965 or 1985 or 2015

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It is happening

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1963 rejection will not matter ....

See you after 2000

🤣🤣🤣

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ALERT

Trade active

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Israeli Military has green signal to enter in GAZA - ABC News

Oops, something is going to be bad for our trade ...

Trade closed manually

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Palestinian President Mahmoud Abbas to participate in Cairo summit for peace on Saturday according to an official source.

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I have mentioned previously that if the price breaks the 1953.xxx level then we are confirmed that this is a trend reversal.

So according to my analysis the zigzag C was a failure.

The marked move is now the 1st move of GOLD new cycle which will lead us to all time high ...

According to wave theory we all know that most of the time the 3rd wave is the extensive one.

This 1st move is basically so prolonged because of the war things.

More money to make guys.

Need a correction now which will be 2nd move then ready for the 3rd impulse .....

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Fed’s Mester: My outlook aligns with the Fed forecasts, eyeing one more increase.

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Next move will make you billionaire (A LIE)

See you all at this post .......

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Follow this draft

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Lifetime GOLD chart BUY/SELL with me (Read Description)

Tap the chart image for details

mamnunamalik

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Gold Daily Chart Waves Analysis

by mamnunamalik

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mamnunamalik

Also on:

Related publications

Gold Daily Chart Waves Analysis

by mamnunamalik