thillygoosth

XAU/USD price action analysis

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FX_IDC:XAUUSD   Guld / USA-dollar
Gold dollar is in a complex combo pattern on higher time frames. Appears to have done an ending diagonal followed by a leading diagonal. I expect this 5 wave it just did to turn into a larger 3 wave down. I do not consider the weekly trend line it came off to be meaningful. It looks like it did a trap pattern to continue down but that may just be a leading diagonal that I am referring to. The question would be whether the "B" wave was done by news movement. Anyways, I expect a little more upside, but in a corrective fashion. Especially if it pulls down a tad and then back up. But you see the level I am watching for. But keep in mind I consider a move up at this time to be corrective for now.

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