Horizontal range
The last idea’s Potential Reversal Zone (PRZ) between 2395 and 2406 has been repeatedly crossed, creating a wider sideways range between 2415 and 2385. This range is where gold is projected to remain till it breaks above 2415 or below 2385.
Exuberant prejudice
About 2385 Assistance.
Gold may have a short-term bullish bias and move into the 2410–2415 zone as it gets closer to 2385. The 2385 level may serve as a floor, presenting prospects for purchases.
prejudice in favor of bears
Close to 2415 Resistance.
There is a good chance of a short-term negative bias as gold approaches 2415, which is below the critical level of 2425. This stage serves as opposition and presents chances for sales.
Breaking Through 2385.
A break through of the 2385 mark may validate the emergence of a further downward 5-wave pattern. Aggressive bears might drive the price towards the next significant milestone, 2355, which denotes the beginning of the irregular triangle structure that was covered in the previous idea’s five waves to the peak, 2488.
Two-hour graph
The next important support level would be 2305 if the slide keeps going below 2355.
A different situation
Go Past 2415 Now.
A reevaluation will be required for any move over 2415 since it is possible that the five waves completed at the 2385 lows. This would suggest that, following some short-term sideways movement, the decline will continue.
