FX.co ★ XAU/USD, GOLD

Hello traders, Regarding gold on the H4 chart, it appears that an internal structure of another horizontal triangle is developing, which belongs to higher timeframes. Currently, only two initial waves have formed: wave "A" in the form of a sharp triple zigzag "wxyxz" and wave "B" as a time-stretched double zigzag "wxy" ending at the level of 5419. Now, wave "C" of the triangle is forming in the southern direction. It is uncertain how large this wave will be. It may be limited to a retest of the lower MA200 moving average line. In any case, its completion will be accompanied by the MACD indicator histogram moving into negative territory. Therefore, if we are indeed dealing with a flat gold formation in the shape of a horizontal triangle, a new upward wave is expected after its completion, with targets around 6000.