Navigating Gold Futures: Support, Resistance, and Projections

GC1!
The chart appears to depict a clear five-wave pattern: I, II, III, IV, and V.
Waves I to III show strong upward movements, indicating bullish sentiment.
Wave IV looks like it could be a corrective phase, with a potential dip before another upward movement in Wave V.
Support and Resistance Levels:

The horizontal lines around 2,800 and 2,575.3 indicate critical Fibonacci retracement levels (38.20% and 50%).
If the price approaches these levels during the correction, they could serve as support, making it a potential buying opportunity.
RSI Indicator:

From the bottom indicator (RSI), we can see fluctuations in momentum, which can aid in timing trades.
Look for interpretations of the RSI: if it trends towards the extremes (overbought/oversold), that could signal reversal points.
Future Projections:

Should the market respect the outlined support levels, Wave V could potentially push towards a new high above 4,000 as indicated by the upward projection.
Market Sentiment:

Overall, the pattern suggests a bullish outlook long-term, but caution is warranted during corrective phases as prices might retrace towards support levels.