1. Prices are still going in around the downtrend line (blue dashed) and already closed the day inside the major support (green) zone and testing between $1910.2x and $1925.1x.
2. Exiting the testing zone as well as breaking the downtrend line (dashed blue) and EMA20 curve is an evidence that prices will be pushed up again in the direction of the resistant (red) zone @ $1939.4x.
3. If bulls fail to pass the resistant power of downtrend line and EMA20 curve then prices will re-test again between $1910.2x and $1896.9x before continuing its way to hit the 50% and 61.8% levels where they will get good support at those levels.
4. The Fed official declaration regarding the expected increase in interest rate of USD to resist existing inflation waves will confirm the gold prices depreciation to hit the $1819.2x as the first downtrend target.
5. For now, its a good opportunity for short-term traders to have small profit around $1926.8x due price increase to perform peak (1) in the new Elliot wave after correction and then to see how things will go on.
2. Exiting the testing zone as well as breaking the downtrend line (dashed blue) and EMA20 curve is an evidence that prices will be pushed up again in the direction of the resistant (red) zone @ $1939.4x.
3. If bulls fail to pass the resistant power of downtrend line and EMA20 curve then prices will re-test again between $1910.2x and $1896.9x before continuing its way to hit the 50% and 61.8% levels where they will get good support at those levels.
4. The Fed official declaration regarding the expected increase in interest rate of USD to resist existing inflation waves will confirm the gold prices depreciation to hit the $1819.2x as the first downtrend target.
5. For now, its a good opportunity for short-term traders to have small profit around $1926.8x due price increase to perform peak (1) in the new Elliot wave after correction and then to see how things will go on.