Gold Spot / U.S. DollarUpdated Gold in the strong resistance area?
It seems that gold has finished an downward impulse wave and is currently undergoing a corrective phase, as per my preferred wave count analysis. My outlook on gold remains bearish, anticipating either a continuation of wave 3 or wave b correction. It seems we are currently in wave c of wave 2 of B. If the price of #XAUUSD encounters resistance at a specific channel, it could provide an opportunity to profit from a short position.
Note
Wave 2 target is fibo retracement 0.5 to 0.618. My anticipation would change if it breaks above that level.
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