Elliott wave analysis on Gold
Gold is in consolidation for couple of weeks. Price has reached to the bottom of the rising channel. Current price area gets supported from the previous support zone. From EW analysis, a clear ABC correction waves have been done.
If price does not break the rising channel, it will go up again to 1243 first then 1276. Break of the resistance trendline will confirm the rising. Just buy the break out with SL outside of the rising channel.
Notes: If it breaks out of the rising channel, it will go down to 1183~1193 zone.
Good luck for everyone!
If price does not break the rising channel, it will go up again to 1243 first then 1276. Break of the resistance trendline will confirm the rising. Just buy the break out with SL outside of the rising channel.
Notes: If it breaks out of the rising channel, it will go down to 1183~1193 zone.
Good luck for everyone!
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