As we can see on the chart, Gold is struggling under dollar's pressure.
It is making lower highs and now a lower low on bigger timeframes.
RSI on the daily started showing bullish divergence.
However, wave 5 can be equal to wave 1 when we meet an extended wave 3. This length will be reached on 1635 level for Gold.
From another perspective, it can go to 1585 (1.25 Fib retracement, same as the previous bearish wave in 2021).
You can still think that we were in an overall bullish trend with an irregular correction ABC, extended to more than 100% fib retracement, so now we are in the wave C, formed by 12345, we meet the same fifth wave, and follow the same analysis.
Wait for buying setups near these critical levels.
Goodluck,
Joe.
It is making lower highs and now a lower low on bigger timeframes.
RSI on the daily started showing bullish divergence.
However, wave 5 can be equal to wave 1 when we meet an extended wave 3. This length will be reached on 1635 level for Gold.
From another perspective, it can go to 1585 (1.25 Fib retracement, same as the previous bearish wave in 2021).
You can still think that we were in an overall bullish trend with an irregular correction ABC, extended to more than 100% fib retracement, so now we are in the wave C, formed by 12345, we meet the same fifth wave, and follow the same analysis.
Wait for buying setups near these critical levels.
Goodluck,
Joe.
