Hello Traders
I will make an update about gold
we did A wave with 5 impulse down, as you can see wave 4 wave triangle breakout then gold made a massive rally to 1968 high on Friday.
From Elliottwave perspective, breaking out from triangle means it’s wave 4 formati0n, and we made a low @ 1925 which is wave 5. When we make 5 waves down, we should make 3 waves correction up that can extend to 2004 & 2020+/- fib levels. Confirmation a break above 1985 wave 4 growth level. The correction phase will be ABC also as wave B green, followed by final leg down as wave C that should be lower than 1925. Bearish correction can extend to 1917 1907 1870 psychological levels.
Invalidation for this scenario a break above historical high.
For time being, this is my favorite scenario. Should any change take place, I will make an update ASAP.
Trade safe, manage your risk properly.
Enjoy your weekend.
