Gold has made V wave structure from 1142.59 up to 1220 just under wave IV of double V correction down which came in at 1223 and followed 50 sma with 300 level on top from 1154 precisely touching the 300 on many occasions the only push below the 50 sma in 1 hour chart was wave iv with a 60 minute indication candle
Wave v aggressively broke upper trend channel and now in corrective mode and under 50 sma +300 level now broke wave iii top and just above 38.2 retrace from 1145.80 to 1219.82 top wave v expecting pullbacks but 50 sma on 30 and 60 minute and lower trend line should act as resistance for next retrace levels on down side wave iv 1186 50.0% 1183 wave I top 1177.69 61.8% 1174.08 a break below 1142.59 and 1131.93 would indicate trend in weekly picture for 1000 only a break of 1223.11 would cancel this view
Wave v aggressively broke upper trend channel and now in corrective mode and under 50 sma +300 level now broke wave iii top and just above 38.2 retrace from 1145.80 to 1219.82 top wave v expecting pullbacks but 50 sma on 30 and 60 minute and lower trend line should act as resistance for next retrace levels on down side wave iv 1186 50.0% 1183 wave I top 1177.69 61.8% 1174.08 a break below 1142.59 and 1131.93 would indicate trend in weekly picture for 1000 only a break of 1223.11 would cancel this view