OANDA:XAUUSD   Gold Spot / U.S. Dollar
Upon observing the weekly chart, it appears that we are currently in Phase 3, with an imminent transition to Phase 4, marked by completing a double top in the 2071 area. As we delve further into the 1W chart, we notice a quick reversal after the HL, followed by a pullback as a descending triangle. The impulse seems to have initially been a simple one, until the reversal at the 1832 level, hitting the 1975 and 2117 levels. A rising wedge is anticipated for another turnaround reversal, with a target range of 2072-2051. It is important to note that this is not a recommendation for trading, but rather an in-depth analysis of my observations. I would advise double-checking your analysis to determine where Phase 4 may end. My projection for the monthly pickets is the 1928 level, just under the 1975 mark, which I believe will hold strong for Phase 5 to take effect, eventually breaking the 2072-2051 area and creating strong support for a brief period, before potentially turning into an extension. I welcome any questions you may have, as it will benefit us both in the long run. Thank you for your time.
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