Amendments to my previous gold analysis

٢١ يونيو ٢٠٢٣

In my previous analysis, I mentioned that we are now in the 'B' wave of a impending triangle. After following the trend of gold for the past few weeks, I reckon that the X wave, a triple combination of flat (W), zig-zag (Y) and triangle (Z) is completed as depicted in the chart. A breakdown of the b-d support line of the triangle, at 1928 region, will be a first sign that the X wave is completed and it is on the way to form a zigzag pattern (a-b-c) that ends around 1450 (target price).

On a micro scale, a steep breakdown under 1928 will start the impulse wave 1 of the 'a' wave that ends around 1840 follow by wave 2 and then ......