The X-wave bounce from 2,355 minor support level

Abhishek H. Singh WaveTalks

As discussed in the debut idea of WaveTalks (Triangle Trap-Gold’s Next Move-Elliott Wave Analysis), 2355 can be a minor support. The sharp fall from the highs of 2378 to 2355, close from the tops of 2385, may belong to the X-wave family, marked as wave Ⓧ close to 2355 in a yet-to-unfold complex structure in the proposed wave Ⓑ.

Until the zone of 2350-2355 holds, Gold can bounce back to the minor resistance of 2385 once again completing the wave Ⓑ or part of the wave Ⓑ, and face resistance close to 2385. Any move above 2385 may push the price towards 2401, which is a key and psychological resistance level.

Check the WaveTalks debut idea on Gold for detailed outlook as discussed earlier. Have a great trading session.

Author

Abhishek H. Singh

WaveTalks

Abhishek is a seasoned financial analyst with over a decade of experience specializing in Elliott Wave Theory.

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