Today, I want to analyze gold and look at its past to see what has happened. I noticed that after a sharp movement, a three drives pattern formed, followed by an engulfment of the last drive to form a QM pattern. At the same time, a double bottom was also formed, which led to the target being reached. However, I believe that gold now needs to undergo a correction of at least 0.33 of the last move.
I have considered two scenarios for this situation, and every area that gives confirmation in the 15-minute time frame is being monitored. I am currently waiting for further developments and confirmation before making any decisions.
However, it's important to keep in mind that technical analysis is not always accurate and market movements can be unpredictable. It is essential to consider other factors such as market sentiment, news, and overall market trends before making any trading decisions. It is always a good idea to have a proper risk management strategy in place and to seek the advice of a professional financial advisor before making any investment decisions.
Well Done