Commodites

Gold: An Impulse In Action (flashback)Mar 21, 2024

Gold makes five waves up since February, a pattern that we have been tracking with members

Gold (XAUUSD) faced an impulsive rally into new all-time highs recently and just 3 days back we mentioned and highlighted about an ongoing bullish impulse in the 4-hour chart. We warned our members about a corrective pullback in wave (4) with ideal support around 2150, which was also the previous all-time highs level. We sent out this update, just before an important FOMC decision when increased volatility and momentum caused dollar sell-off.

Gold Made A Five-Wave Impulse As Anticipated XAUUSD 4H Chart From March 18
XAUUSD 4H Chart From March 18

As you can see, gold bounced perfectly from projected support, and it has nicely reached new highs perfectly within wave (5), which is actually final leg before a higher degree correction shows up, thus be aware of a slow down.

Gold Made A Five-Wave Impulse As Anticipated XAUUSD 4H Chart From March 21
XAUUSD 4H Chart From March 21

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