XAUUSD 1D Chart - 11th April 2024
Wave 3 on Gold Completed?
Based on current pricing
1) XAU price would be at around 2385 for 2-3 to hit a 1.272 extension on 0-1
2) An ABCD pattern might have formed in 2-3, at a 1:1 ratio,
using the high of 2067 as B, which is close to the resistance now support at 2135-2130 at my previous post
3) 2 is a deeper retracement at 0.618 of 0-1, thus if gold was to retract in pricing and wave 3 is completed now within box range of 2385 - 2322. End of Wave 4 should be a slighter retraction in comparison, i.e. looking at the 0.382 levels, of 2-3 , it would coincide with the levels of the resistance turned support at my previous post.
Have currently taken position to short gold at 2347 and 2333.
Based on current pricing
1) XAU price would be at around 2385 for 2-3 to hit a 1.272 extension on 0-1
2) An ABCD pattern might have formed in 2-3, at a 1:1 ratio,
using the high of 2067 as B, which is close to the resistance now support at 2135-2130 at my previous post
3) 2 is a deeper retracement at 0.618 of 0-1, thus if gold was to retract in pricing and wave 3 is completed now within box range of 2385 - 2322. End of Wave 4 should be a slighter retraction in comparison, i.e. looking at the 0.382 levels, of 2-3 , it would coincide with the levels of the resistance turned support at my previous post.
Have currently taken position to short gold at 2347 and 2333.
Stop Loss at 2375