Hi traders,

Gold (XAU/USD) is building a bullish pullback within a larger downtrend channel. Price is expected to bounce at the trend line or Fibonacci retracement levels if the wave pattern develops as indicated in this chart.



XAU/USD

4 hour



Gold is building a rising wedge chart pattern which indicates a correction. A break above the resistance trend line could lead to a larger bullish correction towards the Fibonacci retracement levels of wave 4 vs 3.

Day



XAU/USD is building a bearish momentum which could be part of a wave C of Y of wave 2.

Week



XAU/USD bearish impulse is now testing the support zone which is indicated by the green trend lines and Fibonacci levels of wave 2 vs 1.

Good trading,

Chris Svorcik

Elite CurrenSea