Hello traders, Now the correction of gold in the form of the development of the 4th wave of a potential ending diagonal on the H4 chart is taking on real outlines. The most surprising thing in the current situation is yesterday's corrective increase in the metal quotes, which reached almost 98% of the price range of its previous impulsive decline to the level of 4257. It was completely unexpected for me in terms of its depth. Nevertheless, the extreme at the level of 4353 held from updating, which means that the wave scenario associated with the formation of the internal structure of the ending diagonal of a contracting type remains a priority. The final confirmation of the development of the 4th wave of the diagonal will be the update of the minimum at the level of 4257, with its target being a re-test of the lower trend line of the contracting diagonal channel. At the same time, I do not think that the gold quotes will be able to drop below the middle line of the MA200, as this would threaten its current upward development trend. Furthermore, after the formation of the 4th corrective wave, the metal's growth will resume.
