Gold Weekly Outlook on 3rd Feb 2023:
We have discussed in Gold Price Forecast 2023 : Gold Elliottwave Counting from Y 1833 where we are in the big picture.
From Low 1615 gold is in a Bull structure, If we consider new impulse waves then the chart as below.
Wave III is continuing or it is completed in 1950.
from 1950 I am expecting a triangle or complex correction as shown below where 1910 & 1922 is demand area.
When the price comes in this area, it may bounce towards 1935-1945
If the price trades below 1900 then we may see the following ABC pattern in which C wave is 123.6 to 138.2 of wave A.
Bears will get active below 1893 for the Target of 1871/1849
Bulls will get active between 1893-1910 for the Target of 1945
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