Gold will move to 2800
Last week gold completed its 4th wave expanded triangle which E wave forming a complex "abcde" as depicted in the picture.
This is valid according to wave theory that E wave of triangle or Y wave of complex correction could extend into another set of "abcde" pattern, each leg containing 3 waves.
Price move to new all time high confirms the completion of expanded triangle and now it should move t 2800 where it is 1.618 fib from previous 2011 high.
As I said before in previous idea, as long as price is above 1.382 fib around 242x, it should find its way to 1.618 fib.
Invalidation point: 2450
1st Target: 2530-2550
2nd Target: 2650-2670
Last Target: 2790-2810
See also my previous idea below.
Note
Now the SL have been moved to 2497
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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.