Gold, XAU/USD, has been moving sideways for weeks in a row. Price is unable to break above the resistance at $1350-60 nor below the support at $1300. The current wave patterns favor a bearish break in my view because I am expecting an expanded WXY (pink) correction within wave 2 (light purple). A bullish break above the resistance could invalidate this wave analysis.
Price could be building a bearish 5 wave (green) if Gold manages to break below the support zone (blue). A bullish bounce could indicate a complex correction.
