Simplified wave analysis of GOLD for the week of November 23

Wave pattern on the H4 chart:

The rising wave of August 16 sets the direction of price movement and has not yet been completed.

Wave pattern on the H1 chart:

The downward stretch of October 15 in the larger wave of H4 took the place of correction (B). The wave is fully formed.

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Wave pattern on the M15 chart:

The wave level of the price rise that began on November 13 over time will move to the timeframe of the movement. In the coming days, a price correction is expected to come in the form of "outset".

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Recommended trading strategy:

In the coming weeks, the price growth is expected, which supporters of the inter-day trading style can take advantage of. Conditions for entry into transactions on longer sections of the schedule have not yet been created.

Resistance zones:

- 1255.0 / 1260.0

Support areas:

- 1215.0 / 1210.0

Explanations of the figures:

The simplified wave analysis uses 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!

The material has been provided by InstaForex Company - www.instaforex.com