Gold(
XAUUSD )started to decrease yesterday after the release of the US indexes(Federal Funds Rate, FOMC Economic Projections, FOMC Statement).
Gold is moving near the Resistance zone($2,642-$2,620) and Resistance lines.
In terms of Classic Technical Analysis, Gold appears to be forming a Rising Wedge Pattern.
According to Elliott’s wave theory, Gold is completing wave 4. The probability that the wave structure of wave 4 will be complicated is very high. Of course, it depends on today’s US indexes (Final GDP, Unemployment Claims).
Also, we can see the Regular Divergence(RD-) between Consecutive Peaks.
I expect Gold to start declining again from the Potential Reversal Zone(PRZ)[$2,628-$2,621] and AFTER breaking the lower line of the wedge pattern, it will fall to at least $2,611 and attack the Heavy Support zone($2,605-$2,584).
️Note: If Gold breaks the Potential Reversal Zone(PRZ)[$2,628-$2,621] and Resistance lines, we can expect more Pumps.️
Be sure to follow the updated ideas.
Gold Analyze ( XAUUSD ), 15-minute time frame ⏰.
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy; this is just my idea, and I will gladly see your ideas in this post.
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