GOLD to retest $1,811?
Looking at Gold (4H CHart), the price finished 5 waves up and is currently retesting the previous wave 4 at around the $1,760 zone. As you can see, the correction was also made of 5 waves down with wave v as a leading diagonal or a falling wedge formation which is known to be a reversal pattern especially if the price doesn't manage to break below $1,760.
Be aware that today we have the NFP data and the ISM services PMI which will definitely cause a lot of volatility in the markets; however, from a technical perspective, it looks like we may see a great bounce to the upside.
If the price manages to reach $1,811 (the beginning of the falling wedge) and breaks this level, we may see an upside continuation towards $1,820 and possibly $1,830. Not breaking above it may signal another retest to the $1,760 area.
Be aware that today we have the NFP data and the ISM services PMI which will definitely cause a lot of volatility in the markets; however, from a technical perspective, it looks like we may see a great bounce to the upside.
If the price manages to reach $1,811 (the beginning of the falling wedge) and breaks this level, we may see an upside continuation towards $1,820 and possibly $1,830. Not breaking above it may signal another retest to the $1,760 area.
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