GOLD to retest 1760 pivot after breaking TL @1833 & 1800(0.854)
After rejected by 2000 level, GOLD is making a M-pattern & has retraced pass 1800, a 0.854 Fib level.
It has broken the diagonal Trendline @ 1833 (0.786 Fib level).
It is very likely that GOLD will go down to retest 1760 pivot (100% retracement) where it has bottomed multiple times before.
1760 will also be a 0.786 retracement of the entire rally from 1677 Aug2021 bottom to 2078 the Mar2022 Top.
Going lower towards 1677 to retest a trendline from 2019 will make wave 4 a regular flat. It is essential that 1677 must hold or else there will be a lower low after the 2078 slightly lower high or almost equal high. Breaking 1677 will mean a total 20% crash from ATH & that will put gold at the doorstep of a bear market correction. The next supports are way down at 1450/1500 (retesting a longterm Trendline from 2006) & 1170.
Not trading advice
It has broken the diagonal Trendline @ 1833 (0.786 Fib level).
It is very likely that GOLD will go down to retest 1760 pivot (100% retracement) where it has bottomed multiple times before.
1760 will also be a 0.786 retracement of the entire rally from 1677 Aug2021 bottom to 2078 the Mar2022 Top.
Going lower towards 1677 to retest a trendline from 2019 will make wave 4 a regular flat. It is essential that 1677 must hold or else there will be a lower low after the 2078 slightly lower high or almost equal high. Breaking 1677 will mean a total 20% crash from ATH & that will put gold at the doorstep of a bear market correction. The next supports are way down at 1450/1500 (retesting a longterm Trendline from 2006) & 1170.
Not trading advice