Gold / U.S.dollar (XAUUSD) Daily Chart Update 3/09/2023 14:38:32(UTC+7)
Gold / U.S.dollar (XAUUSD)
Bottom Line: The Falling Five-Wave from 2081.46
Elliott Wave Analysis
The May to June period saw five waves of decline from 2081.46 to 1893.6 indicating a downtrend. Next we have a 3-wave retracement at the 1987.53 level and a 3-wave corrective decline as well at the 1884.89 level. The downtrend is not yet complete. This type of price movement could be an Expanded Flat or a Runnuing Triangle. So the important point we need to consider is whether the rally from 1884.89 can unfold in five waves or three waves. It is highly likely that this pattern will be an Expanded Flat and another decline will start after the end of this pattern. But if only three waves can be unfolded This could be part of the Running Triangle and the correction will continue sideways for a bit more before falling again.
Kittiampon Somboonsod, CEWA
