Timeframe: 4h
Gold reached a peak of 2431.7 before embarking on a corrective phase, shaping a double three complex correction pattern labeled as (W) – (X) – (Y). Presently, it is trading above its 50/100-day exponential moving averages.
Within this pattern, wave (X) concluded at 2378.4, initiating the descent for leg (Y) of the complex correction. Should the price breach the lower boundary of the corrective parallel channel formed by wave (X), traders may consider initiating sell positions in anticipation of wave (Y) and its subsequent sub-waves. Wave (Y) can give a maximum target up to the lower band of the parallel channel. The fulfillment of wave (Y) is poised to initiate a fresh cycle for gold.
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Nice chart mate!
I guess, Gold will rest for some time before any explosive move.