Gold Price Forecast: XAU/USD bulls make the most of it ahead of the Jackson Hole – by fx_ross Gold Commodities DollarIndex Fed
had left behind an M-formation on the daily chart, a reversion pattern that would be expected to see the price revert towards the neckline in due course. However, it also suggested that given the over-extension of the latest impulse, the correction will more probably only reach as far as the prior support near a 38.
The W-formation is compelling with the neckline meeting the 61.8% Fibo should the 38.2% and 50% ratios give out. On the other hand, should the 38.2% and 50% hold, given the M-formaiton, the bulls could be encouraged to move in for a deeper correction on the daily chart: If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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