Gold Forecast: Gold (Yellow Metal)Under Selling Zone – On the daily chart, the third wave of the higher level (3) formed, a downward correction developed as the fourth wave (4), and the formation of the fifth wave (5) started.
Now, the first wave of the lower level 1 of (5) has formed, and a downward correction is developing as the wave 2 of (5). If the assumption is correct, the pair will fall to the levels of 1822.34–1794.47. In this scenario, critical stop loss level is 1909.68.
Sell Gold Main scenario
Gold Short positions will become relevant during the correction, below the level of 1909.68 with the targets at 1822.34–1794.47. Implementation period: 7 days and more.
Buy Gold Alternative scenario
The breakout and the consolidation of the price above the level of 1909.68 will let the price grow to the levels of 1958.98–2067.60.