FX.co ★ XAU/USD, GOLD

Hello traders, GOLD When looking at the daily wave pattern of gold, it should be noted that the previous sharp decline in the metal's quotes, marked on the chart as wave "a", is clearly insufficient to consider it a full-fledged correction to the previous massive uptrend. Firstly, based on the internal structure of this decline, which clearly has an impulsive nature and therefore requires further continuation to form a complete correctional model, for example, in the form of a zigzag "abc". Secondly, the correction phase of the metal's development requires more time to form the correction. Thirdly, the logical target of the correction is usually the 4th waves within the previous upward formations. In our case, this 4th wave is a horizontal triangle ending at the level of 4022. Therefore, I do not exclude a further continuation of the decline in the metal's quotes to this level, towards which the moving average MA200 will also gradually approach.