I am of the opinion that Gold will continue its downtrend, eventually making a new lower low.
The Dollar strength is undeniable, Bond Yields have spiked, the Fed remains hawkish with rate hikes. All of this reduces the speculative demand for Gold , as it pays no interest, and there is no global crisis happening.
So I am watching for sings of the corrective wave 4 completion, and a continuation of the downtrend. I see wave 4 forming in one of two scenarios: 1) WXYXZ that is just about completed (red path) , or 2) larger ABC with one more push up (blue path)
I will post updates as prices approaches my zones of interest.
This idea is an update to my previous one, but with fine tuned support zones
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I have posted an update with shorter time frame analysis, as it looks to be finishing wave (4)
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Gold finally started a significant pullback. And it is approaching critical support, at the confluence of two 2.618 fib extensions. the reaction here will be very telling. I am expecting at least a small bounce.
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