Gold in correction, and bullish is prevailed

Gold still in bullish trend however the price currently in correction direction.

the price of gold currently embedded in wave {((4)) major level } subdivision of wave {(II) super cycle level}; for the next month wave ((5)) should takes place but for trader they should take their cautions as the RSI shows the price is overbought, and a bigger correction may happens any time.

Medium term direction.

there are two scenarios for gold as long as it is in bullish direction.

the first scenario:

as mentioned in daily and 4 hour chart that the price in wave ((4)) major level and wave (C) will end as equal leg of wave (A).

the second scenario:

A double correction will take place; and the end of wave (C) will form wave ((w)). therefore waves ((x)) and ((y)) shall take place before bullish bounce.

Weekly Chart

Recommendations:

Trade Direction : Bullish (buy)

entry level : 1411.56-1412.32

target profit : 1556.94

Invalidation level :1042.29

Daily Chart

Recommendations:

Trade Direction : Bullish (buy)

entry level : 1488.32-1445.87

target profit : 1556.94

Invalidation level : 1161.16

4 hour chart

Recommendations (preferred) :

Trade Direction : Bullish  (Buy)

entry level : 1473.13-1439.34

target profit :1556.94

invalidation level :1267.41

1 hour chart

Recommendations:

Trade Direction : Bullish (Buy)

entry level : 1482.92-1477.37

target profit : 1556.94

invalidation level :–