XAUUSD rising waveform is formed. I look forward to a rising wave of dual wave motion. The ATR axes (purple line) are steep, so a definite increase can be assumed. The first wave can last up to 1341.45. Then I expect corrective action. Then from the 1316.88 level a second wave. Before the slope may be growing. Because the angle of the second ATR axis is steeper. The wave is about 1384.21 for motion.
-I see a series of lower highs being formed, hence connecing the lower highs with a trendline would give further guidance
-With Fibonnaci retracement tool the recent lower higher could be respecting the golden ratio level of 0.618
-Looking at the historical Price Action, the market is likely to respect thate zone with the double top look alike thus forming a lower high and confluencing with the trendline
Many thanks,
meszaros
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@A-P, Thank you very much for your comment. At the same time, what you have written is that you will be right. Your opinion is also supported by the strengthening of the dollar. This may further weaken the gold. Have a nice day.
-I see a series of lower highs being formed, hence connecing the lower highs with a trendline would give further guidance
-With Fibonnaci retracement tool the recent lower higher could be respecting the golden ratio level of 0.618
-Looking at the historical Price Action, the market is likely to respect thate zone with the double top look alike thus forming a lower high and confluencing with the trendline
Many thanks,