This pair has been playing within a channel since 2017. it is set to touch the upper trend line soon which corresponds to two major zones:
1. Supply Zone, as shown on the left side of the chart
2. Fibonacci Level (FE 1.000). This level is crucial as it gives the projection for wave C in a case where A=C.
#Xauusd seems to have turned bullish from yesterday. Our next key fib level is 78.6% which corresponds to 1733.
Since we are now trading wave 5, it is expected to be an heavy impulse that may be equal to wave 1 in length.
After hitting 61.8% fib, Gold has retraced and is now headed down. it is important to note that the larger view is a correction.
Entries to the upside are based on a breakout of the correction that touched 61.8% fib. Target at the possible A=C level
SWING Buy set up building up. The correction seems complete therefore we are looking to catch the next heavily impulse wave "(iii)" from a lower price. confirmation to buy will be the breakout above that bullish flag