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Large timeframe:
Since September last year, gold quotations are moving up. The wave completes a complex correctional model of weekly timeframe. The preliminary target zone is approaching the lower boundary.
Small timeframe:
Since the end of January, a descending trend has formed on the gold chart. In the wave of the main trend, this is a correction that has the wrong appearance. From the current price level, you can expect a short-term decline, after which the bullish wave will continue.
Forecast and recommendations:
In the coming days, price movements are expected mainly in the lateral plane. Flat mood can last the whole week and too early for sales. It is recommended to wait for the completion of the correction and look for signals to buy the instrument.
Resistance zones:
- 1375.0 / 1380.0
Support areas:
- 1310.0 / 1305.0
Explanations of the figures:
The simplified wave analysis uses waves consisting of 3 parts (A – B – C). Three consecutive graphs are used for analysis. Each of these analyzes the last incomplete wave. Zones show calculated areas with the highest probability of reversal. The arrows indicate the wave marking by the method used by the author. The solid background shows the formed structure and the dotted exhibits the expected movement.
Note: The wave algorithm does not take into account the duration of tool movements over time. To conduct a trade transaction, you need confirmation signals from the trading systems you use!
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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