XAU/USD for Intraday Tuesday 12-07-22
Fibbo H1 indicating north but the movement will be limited as all large TFs are in sell signal. Provided BB44 and 50% levle both are at 1739 making a strong resistance. So a HRS is at 1733 MRS 1736 and LRS 1739 with a SL above 61.8% level located at 1745.
The 30 minutes chart below shows wave ((iii)) decline starting from wave ((ii)). Wave ((iii)) lower has completed with subdivision as an impulse in lesser degree. Down from wave ((ii)), wave (i) ended at 1802.97 and rally in wave (ii) ended at 1812.06. Gold extended lower in wave (iii) towards 1762.48, and rally in wave (iv) ended at 1772.77. Final leg lower wave (v) finished at 1731.47 and wave ((iii)) was completed. Wave ((iv)) pullback did flat correction ending at 1752.32. Last drop in 5 swings ended wave ((v)) at 1722.25 which also completed wave 3. The metal should do a corrective rally in wave 4 before the decline resumes. Expect wave 4 rally to fail in 3, 7, or 11 swing for further downside. youtu.be/QprKzWo7TBU