Gold could be entering a corrective phase that could last god how long!
There is a couple of targets that gold could reach during this bear market:
The green lines are respectively the 50% and 61,8% of the wave 1 (wave 2 target)
The blue lines are the 123% and 127% extension of wave A (Target of the C wave.
The yellow lines are the targets for wave 5.
The green box is where the targets of different patterns converge and have shown over time (10 years) to be a relevant support and resistance zone.
However, there is potentially a bullish pattern that could play out in the coming weeks so one should be careful when investing.
I will post another idea later today
Note: the red line is my bullish invalidation level
There is a couple of targets that gold could reach during this bear market:
The green lines are respectively the 50% and 61,8% of the wave 1 (wave 2 target)
The blue lines are the 123% and 127% extension of wave A (Target of the C wave.
The yellow lines are the targets for wave 5.
The green box is where the targets of different patterns converge and have shown over time (10 years) to be a relevant support and resistance zone.
However, there is potentially a bullish pattern that could play out in the coming weeks so one should be careful when investing.
I will post another idea later today
Note: the red line is my bullish invalidation level