Gold sideway this week
At the end of last week's session, GOLD continued to maintain a downtrend and fell around the 1933 - 1935 area. If we now label the wave, we can take the starting point of this downtrend at the 1963 - 1965 area, because Before that, there was a quick recovery that ended and created a downward structure afterward.
If we take the peak of wave 1 at 1933 - 1935, the price has now completed 4 large waves (Red Label) with wave 3 being an extended wave form. This morning, the wave 4 structure is forming at 1939 - 1942 and begins. Selling pressure appears again in this area, so the probability that this evening, the downtrend will continue to form.
With the trading strategy, we can wait to sell around the 1939 - 1942 area with a short-term target at 1933 - 1935. However, with this strong selling pressure, it is likely that the price will further decrease to the 1919 - 1924 area.
If we take the peak of wave 1 at 1933 - 1935, the price has now completed 4 large waves (Red Label) with wave 3 being an extended wave form. This morning, the wave 4 structure is forming at 1939 - 1942 and begins. Selling pressure appears again in this area, so the probability that this evening, the downtrend will continue to form.
With the trading strategy, we can wait to sell around the 1939 - 1942 area with a short-term target at 1933 - 1935. However, with this strong selling pressure, it is likely that the price will further decrease to the 1919 - 1924 area.
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