From TradingView · · 50s
Gold Short Target 4162.72
Hellena_Trade targets gold price drop to 4162.72 support.
In brief
Hellena_Trade targets gold price drop to 4162.72 support. Hellena_Trade predicts gold price will drop to 4162.72 support area after recent decline. Originally reported by TradingView.
Current Gold Price Action
The previous bullish gold scenario targeting 4600 area was not confirmed as price recovered to 4510.18 before resuming decline.
Wave Analysis Update
Hellena_Trade interprets higher-degree wave "1" completed at 4696.02 high with corrective wave "2" unfolding through intermediate A-B-C structure.
Key Resistance Levels
Wave "A" completed at 4281.65 while recovery to 4510.18 formed wave "B" with bearish wave "C" developing toward 4162.72 support.
Immediate Target
Hellena_Trade's nearest target is 4162.72 support area close to lower-degree wave "1" high at 4168.50 and intermediate wave "1" high at 4205.59.
Trade Execution Advice
Hellena_Trade recommends moving stop-loss to breakeven for open short positions after gold reached 4280 area.
The one thing
Hellena_Trade predicts gold price will drop to 4162.72 support area after recent decline.
