Gold’s short-term trend (Chart 1) and long-term trend (Chart 4)
Currently, this leg of the decline has broken below 4545 and the low reached 4530 (exactly at the 0.618 Fibonacci level). So there will be a rebound. Don’t chase longs yet. At this point, it’s still not confirmed whether the downward wave A has already finished. If it hasn’t finished, it will go on to test the 4450 support level, which is also, theoretically, the lowest point of wave A.
Currently, this leg of the decline has broken below 4545 and the low reached 4530 (exactly at the 0.618 Fibonacci level). So there will be a rebound. Don’t chase longs yet. At this point, it’s still not confirmed whether the downward wave A has already finished. If it hasn’t finished, it will go on to test the 4450 support level, which is also, theoretically, the lowest point of wave A.
