XAU Elliott Wave to be Completed
XAU perfectly respected the support which was made on the Elliott wave 1-4-A. It also broke the counter trend line support of 2-4, which means B has the probability to test this as a resistance. If this resistance is respected I expect a further decrease in the gold price.
At 2752 I expect a reversal to get the second leg of the Elliott wave. There is a possibility that we may hold the 2605 level. So, possible TPs are 2605 and 2555.
The reason I think gold will first increase is because Trump hasn't changed anything so far and the market will take some profits now. After that I expect less negative and political fundamentals which will decrease the gold price.
At 2752 I expect a reversal to get the second leg of the Elliott wave. There is a possibility that we may hold the 2605 level. So, possible TPs are 2605 and 2555.
The reason I think gold will first increase is because Trump hasn't changed anything so far and the market will take some profits now. After that I expect less negative and political fundamentals which will decrease the gold price.
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