Gold Wave Analysis and Outlook
Gold OANDA:XAUUSD
Hi Traders,
My technical analysis of 
XAUUSD suggests we are currently in a corrective wave 2 pattern. This correction could take gold to the 1800-1780 region, likely around October 2023.
After wave 2 finishes, wave 3 has potential to break above 2000 and resume the larger bullish trend.
However, we need to see the correction play out first, so I don't anticipate a sustained upside move until after wave 2 completes.
For now, I'm cautious on new long positions in gold until we see signs of wave 2 bottoming out around 1780-1800. Once the correction finishes, I will look to go long for the next leg up towards 2000 (around 2300).
Let me know if you have any other opinion!
Originally posted here: https://ift.tt/1NhsHD6
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