Hello traders, Gold in weekly timeframe . This analysis is prepared in weekly timeframe but is displayed for a better view in 2 week timeframe.
Based on the previous waves, we are inside wave 5, where waves 1 and 2 are complete, and we are inside wave 3, and we considered wave 3 to be an extended wave.
Due to the sharp fall of recent days, gold is currently in the correction phase and it can not be said that the uptrend has started from this point and to buy, the uptrend must be confirmed first in the daily time frame.
I expect the price to fall again to the 1680-1600 range, so I do not recommend buying at this point. If the red channel is broken, this analysis is fielded.
🙏If you have an idea that helps me provide a better analysis, I will be happy to write in the comments🙏
❤️Please, support this idea with a like and comment!❤️
Based on the previous waves, we are inside wave 5, where waves 1 and 2 are complete, and we are inside wave 3, and we considered wave 3 to be an extended wave.
Due to the sharp fall of recent days, gold is currently in the correction phase and it can not be said that the uptrend has started from this point and to buy, the uptrend must be confirmed first in the daily time frame.
I expect the price to fall again to the 1680-1600 range, so I do not recommend buying at this point. If the red channel is broken, this analysis is fielded.
🙏If you have an idea that helps me provide a better analysis, I will be happy to write in the comments🙏
❤️Please, support this idea with a like and comment!❤️