XAU/USD: Gold still in correction or starting a new uptrend?
Imo it would be too soon to signal the start of a new impulse up but I included the start of an impulse count anyway.
Atm I'm more inclined to look for new shorts in case this is still just part of a larger scale corrective pattern.
The 3-wave down move might just be the first part instead of the whole correction...
2 possible (bat or Gartley) patterns are also drawn, the first pattern might be closer to a Gartley (0.591 B is close to 0.618...) so it might already be filled since we reached 0.786 of XA...
It's hard to say where the current up-move might end in case of continuing correction, but I will be looking for short opportunities in the blue squares depicted on the chart.
Weekly chart linked below.
Atm I'm more inclined to look for new shorts in case this is still just part of a larger scale corrective pattern.
The 3-wave down move might just be the first part instead of the whole correction...
2 possible (bat or Gartley) patterns are also drawn, the first pattern might be closer to a Gartley (0.591 B is close to 0.618...) so it might already be filled since we reached 0.786 of XA...
It's hard to say where the current up-move might end in case of continuing correction, but I will be looking for short opportunities in the blue squares depicted on the chart.
Weekly chart linked below.
Commento:
Blue bat did the job, at TP1, 38.2% retracement now!
Commento:
bat TP2 hit
