Timeframe: 4h
The XAUUSD chart is currently in a consolidation phase, with price moving between the 100 EMA and 200 EMA. This suggests indecision in the market. If the 100 EMA crosses above the 200 EMA and both act as support, it could signal a bullish continuation. But, if the 100 EMA stays below the 200 EMA and both are sloping down, the bearish trend likely remains in play.
From an Elliott Wave perspective, the market appears to be wrapping up an impulsive formation, with wave 3 potentially near completion. The price is forming wave 5 of wave (3), targeting 3370 – 3420 – 3485+. Once this wave completes, a downward correction in wave (4) may follow, which can form wave equality.
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Nice chart, Please update silver.
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