FX.co ★ XAU/USD, GOLD

On the last trading day of the month, despite the closure of American trading platforms due to holiday events, major players decided to stock up on precious metals, including gold. Following the recent increase in gold prices, it can be noted that the 4th daily wave of the ascending formation was completed at the level of 4022 in the form of a shortened, awkward-looking horizontal triangle. The symmetrical horizontal triangle that many observed and assumed, including myself, turned out to be an illusion. As a result, starting from the level of 4022, we have seen the development of the internal structure of the final 5th wave of the ascending senior formation. This development begins with an impulse with a complex internal structure, particularly its 5th sub-wave representing a potential expanded ending diagonal. However, we are faced with a dilemma regarding this impulse: whether it will be the entire final 5th wave as part of the daily ascending formation, or just the 1st wave in the developing 5th wave? In the latter case, considering the recent price range of growth, currently ranging from 4022 to 4226 (!), the potential upside of gold is simply impressive.