cfetrader

Gold bullish scenario

FX:XAUUSD   Gold / U.S. Dollar
199 2 8
The recent highly positive sentiment with regard to gold             places some uncertainty on the ending point of the B-wave correction (part of 4). Provided a B-wave completion takes place at present levels, the minimum 4.C target is 1184 (38.2% wave 3 retracement).
Friday's daily chart candle was a doji, which is indicative of a top

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cfetrader cfetrader
Further proof of a top comes from the 30min chart megaphone (broadening) formation, which is a bearish pattern at the end of an uptrend.

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