XAUUSD shorting zones to watch: Gold downtrend to continue?

I am of the opinion that Gold will continue its downtrend, eventually making a new lower low.

The Dollar strength is undeniable, Bond Yields have spiked, the Fed remains hawkish with rate hikes.
All of this reduces the speculative demand for Gold , as it pays no interest, and there is no global crisis happening.

So I am watching for sings of the corrective wave 4 completion, and a continuation of the downtrend.
I see wave 4 forming in one of two scenarios:
1) WXYXZ that is just about completed (red path) , or
2) larger ABC with one more push up (blue path)

I will post updates as prices approaches my zones of interest.

This idea is an update to my previous one, but with fine tuned support zones

評論:

I have posted an update with shorter time frame analysis, as it looks to be finishing wave (4)

評論:

Gold finally started a significant pullback. And it is approaching critical support, at the confluence of two 2.618 fib extensions.

the reaction here will be very telling. I am expecting at least a small bounce.