GOLD Is Making A Correction Within Uptrend
Mar 28, 2023

XAUUSD

After strong and deep decline to 1800 back in February, metal is now once again turning bullish as yields are coming down with the USD. We have seen a strong move towards 2k, where the market slowed down, possibly for a new corrective pullback; ideally wave 4 that can be either a triangle or flat. It’s now at first support here near 1940, so watch out for a continuation higher within wave 5 soon.

GOLD Is Making A Correction Within Uptrend XAUUSD 4h chart
XAUUSD 4H Chart

Impulse waves consist of five sub-waves that make a net movement in the same direction as the trend of the next-largest degree. Elliott Wave Theory is a method of technical analysis that looks for recurrent long-term price patterns that are related to persistent changes in investor sentiment and psychology.

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