Gold has a weekly downtrend pattern.
However, since the monthly correction process has never occurred, the current pattern is in the absence of a correction pattern. In other words, the correction pattern is not completed and continues to be buried in the downward wave. So there will be a pretty strong uptrend to complete the correction pattern.
This uptrend will be the last pattern to complete the correction pattern buried in the downtrend rather than a trend reversal. Then, after hitting the bottom, whether the downtrend continues or turns into an uptrend will be decided by the market situation next year.
However, since the monthly correction process has never occurred, the current pattern is in the absence of a correction pattern. In other words, the correction pattern is not completed and continues to be buried in the downward wave. So there will be a pretty strong uptrend to complete the correction pattern.
This uptrend will be the last pattern to complete the correction pattern buried in the downtrend rather than a trend reversal. Then, after hitting the bottom, whether the downtrend continues or turns into an uptrend will be decided by the market situation next year.
Trade closed: target reached
Congratulations on reaching 1000 pips. This scenario ends when the goal is reached. However, this chart is no longer valid because the pattern has changed to a bullish pattern.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.