XAU/USD Updated Setup

Looking at Gold after today's CPI data, the price may have finished 5 waves up, hence an ABC correction is expected. Since wave 5 is a rising wedge formation, I expect our first target to be $1,771, and $1,755 as our 2nd target as this level is considered to be the beginning of the rising wedge and the previous wave 4 at the same time according to the Elliott Wave theory.

If the price manages to break the previous wave 4, Gold will keep going down towards retesting $1,711 in extension. Goodluck!

M.Y.