Gold appears to be completing an Elliott Wave correction pattern
Wave ((4)) is forming a regular correction near $2665 level
Once Wave ((4)) is complete, expect Wave ((5)) to move towards $2600-$2590 area
Key invalidation level remains at $2699.91
Short positions can be considered after Wave ((4)) completion and momentum confirmation
Current price action suggests limited upside potential before bearish continuation
Keep in mind wave patterns can shift. Always use proper risk management and wait for clear confirmation before entering trades.
Stay cautious around key economic events and monitor dollar strength which could impact the expected move.
Wave ((4)) is forming a regular correction near $2665 level
Once Wave ((4)) is complete, expect Wave ((5)) to move towards $2600-$2590 area
Key invalidation level remains at $2699.91
Short positions can be considered after Wave ((4)) completion and momentum confirmation
Current price action suggests limited upside potential before bearish continuation
Keep in mind wave patterns can shift. Always use proper risk management and wait for clear confirmation before entering trades.
Stay cautious around key economic events and monitor dollar strength which could impact the expected move.
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