We have two types of this popular corrective wave marked out on this 4h chart of gold.
Plan 1:
Gold is on its ongoing not finished 5th wave down looking for 1250-1230 or even lower support zone for the end of 5th grand-super impulse wave.
Plan2:
The red support zone provide a opportunity for gold to get away from this downward channel and make a new life by creating a new high for its new trend.
Conclusion:
My opinion is that I still dont see any strong reason for gold to bounce up. Better follow the main trend which seems hard to be reverse at the moment.
LESS IS MORE!
Gold is on its ongoing not finished 5th wave down looking for 1250-1230 or even lower support zone for the end of 5th grand-super impulse wave.
Plan2:
The red support zone provide a opportunity for gold to get away from this downward channel and make a new life by creating a new high for its new trend.
Conclusion:
My opinion is that I still dont see any strong reason for gold to bounce up. Better follow the main trend which seems hard to be reverse at the moment.
LESS IS MORE!
