Good morning Traders! From the technical point of view, gold could continue the bullish movement and we do not rule out a potential 1.258 processing. That said, the swing should develop two bullish legs (the first completed) and one bearish leg (ABC). If it is correct, we can expect a consolidation movement (bearish leg) before seeing the second bullish leg. But today, we expect ECB announcement & Mario Draghi press conference, and this event could destroy our setup, so be careful and if you decide to take long position, use an appropriate size. STRATEGY: Take Long Position on Wave 4 and Target on Wave 5
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If u look at the 4H chart u can see 5 waves completed(downtrend) after 5 waves we know there will be correction legs (A; B; C)
A leg is (50..61..100) now passed from 61 fibo the reversal will be at around 1254.00( take confirmation of reversal) this reversal will be the end of inside 3rd wave
Wish u happy trade
best regards
Murodjon from Uzbekistan!!
Xavierberthod
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your analytics are sharp! thank you for that article