16.11.201814:41 Forex Analysis & Reviews: Simplified Wave Analysis. Review of GOLD for the week of November 16

Wave pattern on the H4 chart:

The dominant gold price movement from mid-August is given by the rising wave. Despite its corrective nature for a longer-term trend segment, the current wave is not completed.

Wave pattern on the H1 chart:

The descending wave of October 15 in a larger structure took the place of a full-fledged correction. The structure of the movement seems to be complete but the signals at the end of the wave and the reversal have not yet been observed.

Wave pattern on the M15 chart:

From November 13, the price forms a new ascending wave, which may be the beginning of a reversal zigzag. In the coming days, there is a high probability of a downward pullback.

Recommended trading strategy:

Despite the continued weakening of the course, the potential for lowering the price of gold is limited. In the coming weeks, the price increase will become dominant. Traders are advised to wait for clearer market entry conditions. Supporters of intraday can make short-term sales, but it is more reasonable to reduce the lot.

Resistance zones:

- 1265.0 / 1260.0

Support areas:

- 1200.0 / 1195.0

Explanations of the figures:

The simplified wave analysis uses waves consisting of 3 parts (A – B – C). For the analysis, three main TFs are used. On every last part, the incomplete wave is analyzed. Zones show calculated areas with the highest probability of reversal.

The arrows indicate the wave marking by the method used by the author. The solid background shows the formed structure while the dotted shows the expected movement.

Note: The wave algorithm does not take into account the duration of tool movements over time. To conduct a trade transaction, you need confirmation signals from the trading systems you use!