VasilyPonomarev
Short

GOLD: Where is support?

OANDA:XAUUSD   Gold Spot / U.S. Dollar

I was asked a lot to post some updates on gold .

Currently, I don't see any good opportunities for entry.
It looks like bears will keep pushing the market lower.

The first area of support on focus will be around 1435 level.
This area is based on the rising trendline on a weekly
+ 1.272 extensions of the previous bearish impulse.

I will be looking for a long opportunity from the underlined zone,
however, for now, it is quite early to talk about entries.


what is interesting is that if the market breaks below this trendline ,
potential profits for sellers will be extended even to 1370 levels.

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This pair also could go much deeper. I think so
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Think I will wait and see in this one
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@harry3033, thank is reasonable, Harry!
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4th Wave correction, .. don't you agree?

I think we seeing a correction here of a 4th Wave (Weekly chart). ..Characteristic Fib levels of the 4th Wave will use a guideline for entry point
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@Akonaciko1, could you, please, attach a chart!
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Akonaciko1 VasilyPonomarev
@VasilyPonomarev, Will do but later on. ..
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@Akonaciko1, ok!)
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