FX.co ★ XAU/USD, GOLD

Hello traders, GOLD Looking at the daily gold chart, there is a noticeable strong bearish dominance that led to its quotes falling below the MA100 middle line, which I did not expect. The first reaction of gold to this line ended with a false breakthrough, which was supposed to signal a resumption of its price growth. However, things turned out differently. Now, the bearish candle on Friday suggests that there might be a continuation of the descending trend in the metal's development. Despite this, gold is already significantly oversold. There are also hopes that the final bearish candle on Friday was a result of investors temporarily fixing their positions. In any case, the internal structure of the forming horizontal triangle, which is typically characteristic of 4th corrective waves, especially for gold, still remains valid. The situation may change when gold quotes manage to update the end of wave "a" (level 4403) of the potential triangle. In this case, it will be necessary to review the wave labeling of the internal structure of the 4th wave.