Will gold fall today?Hello everyone. Let's discuss the trend of gold this week. From the current daily chart, gold is currently in a five-wave upward trend.
You can see that the low point of gold last week was near 2955, which is exactly the top position of the first wave of this wave.
The retracement from 3167 to 2955 is the retracement of the fourth wave, and the retracement did not break the top position of the first wave near 2950.
So, the current trend from near 2955 is running in the fifth wave of rise.
I also drew it in the picture, and it may eventually reach the high point near 3308-3328.
Today's highest point reached near 3275, and then it retreated sharply to near 3256.
Maybe you think this is a high and fall, but I don't think so from the trend.
Gold opened at 3230. If you look at the trend of 3230-3275, you can find that 3255 is exactly the 618 support position of this trend.
If the retracement does not break 618, then there will definitely be a new high.
Using 123 to find 4, we can see that if the high point of 3290 continues to break, the subsequent high point will be around 3300, followed by 3328.
And 3300 coincides with the daily high above.
Therefore, if gold can reach around 3300 next, we must be careful of the possibility of a high fall.
