XAU/USD (GOLD) HAVE A SHORT TERM BULLISHNESSXAU/USD (GOLD) can go around $1846 for making a B wave of a triangle. We can see an impulsive wave on gold as a-b-c as a corrective rally for the B wave of the triangle. Gold has bounced very quickly from the recent bottom and I would like to call it's a corrective rally because we can clearly see triangle formation on a weekly chart. We are on a c wave of B wave of E. E is the final wave for a finished triangle.
Some people might have a question for me " why you still bearish on gold ? " and for this question's answer, I would like to call - silver also didn't finish the correction and DXY also didn't finish the impulsive rally.
I to measure a-b fibo extension for getting c wave target and that's target is around $1846. We can draw a parallel channel and the middle point of the channel exactly match with fibo target of the c wave. So we can most likely see correction for E wave from that point.
DISCLOSURE - Please be informed that the information I provide is not a trading recommendation or investment advice. All of my work is for educational purposes only. All labeling and wave count have been done by me manually and I will keep changing according to the LIVE MARKET PRICE ACTION. So don't bias, hope on my trade plans. Try to learn Elliott Wave or other strategies and make your own strategy. Following is not that much easy. I am not responsible for any losses if u took the trade according to my trade plans.
#XAUUSD #GOLD
