XAUUSD - LONG IDEA - 30 MIN TIMEFRAMEHere is a shorter timeframe view on GOLD.
A few days ago I posted an analysis on GOLD but on bigger timeframe to let you see the overall market of the market from my point of view. I believe the market ended it's correction at 1764 to begin a Wave 1 which have been a leading diagonal. From the 1959 high, the market began a corrective ZIGZAG pattern with a FLAT as Wave B and finished that correction at 1785.
From there, I believe the market began another Wave 1 (on smaller timeframe) and began a Wave 2 from the 1855$ high it made a few days ago.
The corrective pattern of Wave 2 is a COMPLEX one. It's seems to be a double zigzag correction.
Wave W: Built of a Wave A followed by a Flat as Wave B and then an expanding diagonal as Wave C.
Then Wave X occurred as a triangle, which is amazing because a triangle always happens prior to the final combination, so it means that it cannot be a triple corrective pattern.
Then Wave Y happened. Another zigzag that been very volatile and we just reached the bottom at 1786$.
My target remain 1959 (As shown on the previous analysis posted a few days ago), but to be honest with you, I believe that if the market doesnt't go below 1785$, we should be aiming above 2000$ and we might never see the gold at the current level for a while!
Again if gold breaks under 1785$ the uptrend is still valid, but the current shorter term view won't be.
If gold breaks under 1764, a 3rd corrective pattern would occur, but with Wave 1 being a Leading Diagonal, it wouldn't make sense.
Trade carefully, risk management is the key.
*For those interested, I did attach the longer timeframe gold analysis to this analysis*
