Gold 1H Chart :
As discussed in previous analysis,
Gold is in IVth wave complex correction. WXY or WXYXZ correction is unfolding if stay above 1740.
Bulls need to hold 1740 for the upper rally.
Let's see 15 min chart.
"W" wave as abc flat correction.
"X" wave also has 3 sub waves.
"Y" wave as Zig-zag 5-3-5 correction.
"X" wave also has 3 sub waves.
"Z" wave seems like a triangle unfolding.
IV wave may give deep retracement , 50% @ 1860 & 61.8% retracement @1848 of (III wave)
"Z" wave seems like a triangle unfolding.
IV wave may give deep retracement , 50% @ 1860 & 61.8% retracement @1848 of (III wave)
Gold may see a swing around these levels.
Alternate Scenario: If the Price closes below 1840 then the short-term downtrend may be intact.
Alternate Scenario: If the Price closes below 1840 then the short-term downtrend may be intact.
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