Hello traders, today I bring you the daily chart of gold and present my expectations. It looks like gold is forming ABCDE correction pattern within a descending channel. We are yet to see the the (D) and (E) moves as illustrated in the chart. I expect gold to fall anytime soon from the $1,870 - $1,900 resistance zone to complete (D) after which the price moves down below the previous low at $1,765 to complete the final (E) move. Do not short this market since the overall trend is up and the correction could be completed already in the form of ABC. I would buy this market in the indicated zone in the chart and hold for the next ATH :)
Please share your thoughts and if you like this idea, please like and follow.
Good luck!
Please share your thoughts and if you like this idea, please like and follow.
Good luck!