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Golden opportunity for gold!

The Fibonacci channel has been drawn, and Elliott waves can be observed on the chart. Currently, the price is in the fifth Elliott wave. We have two scenarios for the future of gold:

1)The first scenario is a bullish scenario. Given the geopolitical tensions and conflicts between Israel, Iran, and Lebanon, as well as China's threats against Taiwan, which have all contributed to a further increase in gold prices, if these trends continue, it could complete wave 5 at the 1.414 level of the Fibonacci channel.

2)The second scenario is a bearish scenario. If we witness a hawkish stance from the FED or a reduction in geopolitical tensions, then we should expect a price reversal from the previous high of 2687. In this case, the 0.618 Fibonacci channel level would serve as strong support.

Considering the geopolitical tensions, I believe the first scenario and a breakout above the previous high are more likely. In that case, we should watch for a breakout above the previous high and then enter a long position after confirmation.

註釋

The price has moved beyond the 2687.300 rang . according the previous analysis , we will wait for a confirmation before entering a long trade .