Gold at a Major Reversal Zone — Is a Sharp Drop About to Begin?
$XAUt is currently trading near a major resistance zone ($4,274-$4,191), the key $4,200 level, and a Potential Reversal Zone (PRZ) between $4,217-$4,187.
From an Elliott Wave perspective, Gold appears to be completing sub-wave 5 of primary wave C inside a Zigzag correction. We are also seeing a negative Regular Divergence on the peaks along with negative divergence between price and volume.
Given the bullish momentum in DXY and the U.S. 10-Year Bond Yield, further upside in Gold looks limited. I expect a decline to at least $4,129 in the coming hours. A break below the $4,122-$4,091 support zone could open the door for deeper downside.
🎯 Target: $4,129
🛑 Stop Loss: $4,224 (Worst case)
Full chart with detailed levels and analysis here 👇
https://www.tradingview.com/chart/XAUUSD/FT0G0jVo-Gold-at-a-Major-Reversal-Zone-Is-a-Sharp-Drop-About-to-Begin/
What’s your view on Gold? Can it continue its bullish trend in the coming hours or not? #Gold
$XAUt is currently trading near a major resistance zone ($4,274-$4,191), the key $4,200 level, and a Potential Reversal Zone (PRZ) between $4,217-$4,187.
From an Elliott Wave perspective, Gold appears to be completing sub-wave 5 of primary wave C inside a Zigzag correction. We are also seeing a negative Regular Divergence on the peaks along with negative divergence between price and volume.
Given the bullish momentum in DXY and the U.S. 10-Year Bond Yield, further upside in Gold looks limited. I expect a decline to at least $4,129 in the coming hours. A break below the $4,122-$4,091 support zone could open the door for deeper downside.
🎯 Target: $4,129
🛑 Stop Loss: $4,224 (Worst case)
Full chart with detailed levels and analysis here 👇
https://www.tradingview.com/chart/XAUUSD/FT0G0jVo-Gold-at-a-Major-Reversal-Zone-Is-a-Sharp-Drop-About-to-Begin/
What’s your view on Gold? Can it continue its bullish trend in the coming hours or not? #Gold