〽️ XAU/USD Retracement Back to Fib Resistance of Wave 4 〽

2 min read

Hi traders,

Gold (XAU/USD) continued with the bearish momentum but is now finding buyers at the support zone.

Gold

Weekly


XAU/USD seems to be in an impulsive wave C (purple) of larger bearish corrective wave Y (pink) of wave 2 (light purple). A bearish break below the support zone could indicate a bearish continuation towards the next support area, which is indicated by the two green horizontal lines.

Day


The XAU/USD bearish price action is most likely an impulsive wave 3 (orange). The bullish bounce at support (green) could indicate the end of wave 3 and the potential start of a bullish wave 4 (orange) correction. A break above the 61.8% Fib of wave 4 vs 3 invalidates the wave 4 whereas a break below support confirms the downtrend.

4 hour


XAU/USD seems to be building an ABC pattern within wave 4.

Good trading,
Chris Svorcik
Elite CurrenSea

2
Leave a Reply

avatar
2 Comment authors
ChrisMorris Recent comment authors

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  Subscribe  
newest oldest most voted
Notify of
Avatar
Guest
Morris

Grt work on Gold

🍿️ Discover your path to a 100% yearly returns over the convos with Chris Svorcik!

X