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� Current gold technical reading (approximately 5173)
First: Waves
Obviously you have two possibilities:
1️⃣Either we have completed a big wave (5).
2️⃣ Or are we in an extended wave (3) with still (5) going up?
The distinction here is very important.
⸻
🔎What does momentum say?
relative strength index
• Medium frame is about 55-60
• Not overbought
• But growth slowed down significantly
Smoothed Moving Average Convergence and Divergence
• He begins to bend downward
• Positive momentum weakens
This suggests to us that the current rally is weak and not impulsive.
⸻
🎯 Current area (5170 – 5200)
This is a very strong resistance area
If you notice the price increases gradually rather than explosively.
⸻
Possible situations:
🔴Most likely scenario (imminent bearish correction)
If price fails to stabilize above 5200:
Login target:
• 5125 (first major support)
• 5080
• Around 5020 (if wave C is confirmed)
This corresponds to the descending wave (C) you drew.
⸻
🟢 Bullish scenario
If the 4-hour closing price breaks through 5200 points:
We are often in extended (5) waves
Its goals may be:
• 5300
• After 5500
But this requires strong, clear motivation (which is not yet evident).
