The previous GOLD forecast worked out, and the price reached the target. Now the structure, in my view, still points to further downside.
After a small adjustment to the wave count, I believe the red wave "C" of a higher degree is still developing. This corrective wave most likely consists of five medium-degree waves, and at the moment I see the market moving within wave "3".
If this scenario is correct, the price should break below the wave "A" low at 3941.35. This is an important level, because without taking out that low, the bearish continuation would not look complete.
The nearest target I am watching is the 3850.9 support area. This is the main downside zone for the current move. I do not want to focus on distant targets yet. For now, it makes more sense to work with the nearest strong area.
A small pullback is still possible before the decline continues. As long as the price stays below the 4058.22 resistance area, I continue to look for short positions.
From the broader side, gold is still facing pressure from the U.S. dollar, yields, and Fed rate expectations. Because of that, the bearish scenario still looks reasonable, even if the market gives a short correction first.
Manage your capital properly and wisely! Enter trades only based on reliable patterns!
After a small adjustment to the wave count, I believe the red wave "C" of a higher degree is still developing. This corrective wave most likely consists of five medium-degree waves, and at the moment I see the market moving within wave "3".
If this scenario is correct, the price should break below the wave "A" low at 3941.35. This is an important level, because without taking out that low, the bearish continuation would not look complete.
The nearest target I am watching is the 3850.9 support area. This is the main downside zone for the current move. I do not want to focus on distant targets yet. For now, it makes more sense to work with the nearest strong area.
A small pullback is still possible before the decline continues. As long as the price stays below the 4058.22 resistance area, I continue to look for short positions.
From the broader side, gold is still facing pressure from the U.S. dollar, yields, and Fed rate expectations. Because of that, the bearish scenario still looks reasonable, even if the market gives a short correction first.
Manage your capital properly and wisely! Enter trades only based on reliable patterns!
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🌅 INSTAGRAM: instagram.com/hellena_trader
🟢 Contact: t.me/Hellena_FX
🌅 INSTAGRAM: instagram.com/hellena_trader
🟢 Contact: t.me/Hellena_FX
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Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.
✅ Free TELEGRAM channel: t.me/HellenaSignals
🌅 INSTAGRAM: instagram.com/hellena_trader
🟢 Contact: t.me/Hellena_FX
🌅 INSTAGRAM: instagram.com/hellena_trader
🟢 Contact: t.me/Hellena_FX
Pubblicazioni correlate
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.