Long
Gold: Upside Continuation After Correction?
Gold broke the descending channel, thus our target is still the beginning of the descending formation at $1830.
Now Gold looks like it finished its 5 waves up, and may have started its ABC correction to retest the previous wave 4 as our first target ($1,748), which is also the 61.8% Fibonacci Retracement level.
Additionally, the price is currently trading inside a bearish flag which is known to be an equal continuation for more downside to retest the $1,748 level.
Not breaking the previous wave 4 ($1,747) will be an amazing buy opportunity towards $1,830 as our first target. Breaking above $1,830 will push the price for further upside towards retesting new highs this year.
Now Gold looks like it finished its 5 waves up, and may have started its ABC correction to retest the previous wave 4 as our first target ($1,748), which is also the 61.8% Fibonacci Retracement level.
Additionally, the price is currently trading inside a bearish flag which is known to be an equal continuation for more downside to retest the $1,748 level.
Not breaking the previous wave 4 ($1,747) will be an amazing buy opportunity towards $1,830 as our first target. Breaking above $1,830 will push the price for further upside towards retesting new highs this year.
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