Hello traders. The price is close to the (monthly)supply area .
According to Elliott analysis, We are in a (c-wave) of (d-leg) of an Elliott triangle. The triangle itself is a (y-leg) of a (wxy) pattern.
Finally the (wxy) pattern belongs to the (d-log) of a diametric.
If the current Elliott scenario is active in gold, we expect a bearish wave in the form of (e-wave) of an Elliott triangle .
And the weekly demand range at the intersection of the weekly trend line can be considered (e-wave) price depth.
In my opinion, after(e-wave) , gold will enter a long-term uptrend In the form of the next ascending wave (e-leg) of the diametric.
According to Elliott analysis, We are in a (c-wave) of (d-leg) of an Elliott triangle. The triangle itself is a (y-leg) of a (wxy) pattern.
Finally the (wxy) pattern belongs to the (d-log) of a diametric.
If the current Elliott scenario is active in gold, we expect a bearish wave in the form of (e-wave) of an Elliott triangle .
And the weekly demand range at the intersection of the weekly trend line can be considered (e-wave) price depth.
In my opinion, after(e-wave) , gold will enter a long-term uptrend In the form of the next ascending wave (e-leg) of the diametric.
