GOLD: weekly wave analysis

Weekly. The market is currently developing a descending corrective wave [4] that is now close to its end. Let’s review the last part of the correction.

Daily. After building the IV triangle, we’ve seen a decline of the pair in a bearish impulse V. When the strong descending wave [3] of V was complete, the market reversed and entered a corrective growing wave [4]. In the coming days we expect this wave to end.

H4. Wave [4] takes a form of a simple rising zigzag (A)-(B)-(C). On the new week we expect the final part of the (C) of [4] impulse to be constructed. The decline will soon follow.

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