Elliott wave formation - look for entry
Gold prices rebounded after hitting a two-month low following the Federal Reserve's dovish statements on monetary policy. Fed Chairman Jerome Powell suggested that there may not be a significant increase in interest rates due to credit tightening after the instability of the banking sector, hinting that the Fed may pause to raise rates.
The US Dollar Index (DXY) fell 0.37%, contributing to the rise in gold prices.
In the H4 frame, gold is forming the Elliot impulse wave, with a plan to sell at the top of wave (1) and buy at the end of wave (2). The target for impulse wave (3) is 500 PIPs profit.
The US Dollar Index (DXY) fell 0.37%, contributing to the rise in gold prices.
In the H4 frame, gold is forming the Elliot impulse wave, with a plan to sell at the top of wave (1) and buy at the end of wave (2). The target for impulse wave (3) is 500 PIPs profit.
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