As the bearish expectations;

Under the bearish alternate view on the intraday chart, Gold completed the leading expanding diagonal concept at terminus point of 1228 , and now the concept could likely be correcting.

The leading diagonal formation is likely completed. Hence, forming the five-waves sequence down from recent high at 1309, would raise confidence that the trend has turned down.

Leading Expanding Diagonal:

Accordance with the Elliott Wave Principle:

” A leading diagonal can also take an expanding shape. This form appears to occur primarily at the start of declines… ”

Gold - Intraday


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