-The price of Gold to the dollar is predicted to appreciate to the neighborhood of 1500 to complete a correction (WXY) before a decline to 1411 zone (this scenario is considered highly likely)
- alternative scenario is price of gold decline breaking support of 1450 towards 1425 region-- where the bull will be happy to stack up there (**bling**)Gold
XAUUSD has been trading in a complex correction since hitting the 4th of September high. We can now count a complete Elliott Wave X-Y-Z pattern. The 1445 - 1455 area has provided good support / resistance in the past and the 38.2% retracement of wave 3 comes in at 1447.
We have bullish divergence on Stochastic indicating momentum could be shifting to the upside...
GOLD is steadily coming closer and closer to month's low.
I will be waiting for a reversal formation within the underlined orange area to buy the market
Stop will be strictly below the zone.
Target levels will be 1458.0 / 1466.0