cfetrader

Gold price corrective pattern

FX:XAUUSD   Gold Spot / U.S. Dollar
76 1 4
It appears that since January 2015, gold             follows an extended (W)-(X)-(Y)-(X)-(Z) corrective EW pattern. The main question now lies, whether 1167 was the secondary (X)-wave termination, albeit covering a brief period of 32 days, or by targeting (say) 1200 a more expected 62 day period might take place for the ending of this particular reactive wave. The final (Z)-wave, whenever it materializes, could very well drive prices at/and or below the level of 1000.
Price is at the mean, so preferably to wait before it tags one of the bands.. before taking a trade (in that direction)
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