By Orbex
Gold seems to be forming a downward correction trend. This takes the form of a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ of the primary degree.
Most likely, the four parts of this triple zigzag are already fully complete. We are now in the final actionary wave Ⓩ. It is likely that it will be simple in form and will take the form of a bearish zigzag (A)-(B)-(C).
Currently, the intermediate wave (A) and the bullish correction (B) in the form of a minor triple zigzag, have ended.
At the time of writing, we can notice a decrease in the last wave (C). This takes the form of an impulse consisting of minor sub-waves 1-2-3-4-5. The impulse decline could end near the level of 1721.96. That level was marked by the intervening wave (X), which is part of the primary wave Ⓧ.
Free Reports:
Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
In the second scenario, the intermediate correction wave (B) is still continuing its development. Most likely it could also take the form of a minor triple W-X-Y-X-Z zigzag.
We can assume that the decline in the minor intervening wave X has ended. Therefore the market could rise in the final actionary wave Z in the near future.
Most likely, the price will rise to the level of 1850.24, where the correction (B) will be at 76.4% of impulse (A).
Article by Orbex
Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com
- Bitcoin price is approaching 100,000. Natural gas prices rise due to declining inventories and cold weather Nov 22, 2024
- USD/JPY Awaits Potential Stimulus Impact Nov 22, 2024
- RBNZ may cut the rate by 0.75% next week. NVDA report did not meet investors’ expectations Nov 21, 2024
- NZD/USD Under Pressure Amidst USD Strength Nov 21, 2024
- USDJPY bulls venture into intervention zone Nov 20, 2024
- The PBoC kept interest rates. The escalating war between Ukraine and Russia is negatively affecting investor sentiment Nov 20, 2024
- AUD/USD Consolidates After Recent Gains Nov 20, 2024
- The RBA will maintain a restrictive monetary policy until the end of the year. Nov 19, 2024
- Safe-haven assets rally on nuclear concerns Nov 19, 2024
- Gold Rebounds Amid USD Weakness and Geopolitical Uncertainties Nov 19, 2024