Gold is preparing to terminate Wave ii around $1820/25

24 feb 2021Gold is most probably unfolding a lower degree Wave ii within Wave (iii), and is expected to hit $1820/25 zone. The yellow metal is facing trend line resistance, fibonacci 0.618 retracement and also previous Wave iv termination around $1820/25 zone. At the moment, the yellow metal might be unfolding as a triangle and it might take another 1-2 trading sessions for prices to reach $1820/25 mark. Only a break above trend line resistance and $1855 will open doors for a test of $1880/1900 zone before reversing lower again.

Remain short against $1965, add more @ 1820/25, towards $1650.