Here I see 2 possibilities:
a) Gold rises above the last high and in October reaches 1586.44, which I would see as the year high
b) rises to 1549.32 (1554.68) to form the wave b, but then falls to 1404.45 where the c would be finished.
In variant b, both: SMA 50 & Kijun should be achieved and then bounce upwards.
Wave c would confirm closing price (on a weekly basis) below 1488.58!
Next week, the price should not close below 1494.05 (daily basis).
a) Gold rises above the last high and in October reaches 1586.44, which I would see as the year high
b) rises to 1549.32 (1554.68) to form the wave b, but then falls to 1404.45 where the c would be finished.
In variant b, both: SMA 50 & Kijun should be achieved and then bounce upwards.
Wave c would confirm closing price (on a weekly basis) below 1488.58!
Next week, the price should not close below 1494.05 (daily basis).
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if the red resistance is not overcome, then variant with the yellow a b c would be possible.
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On a daily basis, I still reckon with a little bit deeper deep than it was on Friday... at least 1486.39 should be reached.
Condition for higher prices: 1480 $ should not be broken and left down, especially there should be no daily closing rate below.
Condition for higher prices: 1480 $ should not be broken and left down, especially there should be no daily closing rate below.
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or so...
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1497 TP
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TP @1497 done!
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