The X-wave bounce from 2,355 minor support level
|As discussed in the debut idea of WaveTalks (Triangle Trap-Gold’s Next Move-Elliott Wave Analysis), 2355 can be a minor support. The sharp fall from the highs of 2378 to 2355, close from the tops of 2385, may belong to the X-wave family, marked as wave Ⓧ close to 2355 in a yet-to-unfold complex structure in the proposed wave Ⓑ.
Until the zone of 2350-2355 holds, Gold can bounce back to the minor resistance of 2385 once again completing the wave Ⓑ or part of the wave Ⓑ, and face resistance close to 2385. Any move above 2385 may push the price towards 2401, which is a key and psychological resistance level.
Check the WaveTalks debut idea on Gold for detailed outlook as discussed earlier. Have a great trading session.
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