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.
The information provided by WaveTalks is for educational and informational purposes only. We are not responsible for any investment decisions made based on our analysis. Trading and investing involve substantial risk, and you should consult your financial advisor before making any investment decisions.
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