Looking at Gold (4H CHart), the price finished 5 waves up and is currently retesting the previous wave 4 at around the $1,760 zone. As you can see, the correction was also made of 5 waves down with wave v as a leading diagonal or a falling wedge formation which is known to be a reversal pattern especially if the price doesn't manage to break below $1,760.
Be aware that today we have the NFP data and the ISM services PMI which will definitely cause a lot of volatility in the markets; however, from a technical perspective, it looks like we may see a great bounce to the upside.
If the price manages to reach $1,811 (the beginning of the falling wedge) and breaks this level, we may see an upside continuation towards $1,820 and possibly $1,830. Not breaking above it may signal another retest to the $1,760 area.
Be aware that today we have the NFP data and the ISM services PMI which will definitely cause a lot of volatility in the markets; however, from a technical perspective, it looks like we may see a great bounce to the upside.
If the price manages to reach $1,811 (the beginning of the falling wedge) and breaks this level, we may see an upside continuation towards $1,820 and possibly $1,830. Not breaking above it may signal another retest to the $1,760 area.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.