Gold Market Analysis: 2-Hour Chart Update

6 Feb

Gold's movement on the 2-hour chart continues to align with our expectations, maintaining its course within an ABC correction towards the overarching Wave (2). This correction is projected to reach between 50 and 61.8%, corresponding to the $1980 to $1940 level. The transition from Wave B to Wave C likely remains within a 5-wave structure. We've observed a rapid subordinate Wave ((ii)) and a more extended Wave ((iv)), which has performed within the anticipated range. Although there was a spike beyond this range, as we've consistently maintained, such spikes are acceptable in Wave 4, provided the price does not sustain within the Wave 1 level over an extended period.

We've successfully held the 161.8% level for Wave (c), alongside our designated invalidation level. Moving forward, we anticipate another downward impulse before a long-term upward trend takes hold.