Gold Hits PRZ with RD-! Time for Bears to Take Over?

kelmarin

Gold(XAUUSD) attacked the Resistance zone ($3,445-$3,406) once again, forming an Ending Diagonal at the top of the structure.

Although price reached the Potential Reversal Zone (PRZ)[$3,454-$3,435], the presence of Regular Divergence (RD-) between the last two peaks could indicate the weakening of bullish momentum.

In terms of Elliott Wave theory, we can clearly count a completed 5-wave structure, with an Ending Diagonal pattern. This supports the idea of a major correction starting soon.

I expect Gold to attack the lower lines of Ending Diagonal, and if it breaks, it could drop to at least $3,333. The Second Target could be the Support zone ($3,451-$3,120).

Do you think Gold will make a new All-Time High(ATH) again in this rally?!

Note: Stop Loss (SL) = $3,463

Gold Analyze (XAUUSD), 2-hour time frame.

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21 jam lalu

Dagangan aktif

Position was activated in near Potential Reversal Zone (PRZ)[$3,454-$3,435]