Gold(
XAUUSD) attacked the Resistance zone($3,387-$3,357) today after the release of the US CPI indices. Although the figures seemed to be in gold's favor, traders still seem to be determined to continue the price correction.
In terms of Elliott Wave theory, it seems that Gold has managed to complete the Zigzag Correction. We should wait for the next 5 down waves.
Also, we can see the Regular Divergence(RD-) between Consecutive Peaks.
In terms of Classic Technical Analysis, Gold appears to have successfully formed a Rising Wedge Pattern.
I expect Gold to drop to at least $3,296 AFTER breaking the lower line of the Rising Wedge Pattern.
Note: Stop Loss(SL)= $3,380
Gold Analyze ( XAUUSD ), 1-hour time frame.
Be sure to follow the updated ideas.
Do not forget to put a Stop loss for your positions (For every position you want to open).
Please follow your strategy; this is just my idea, and I will gladly see your ideas in this post.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
XAUUSD) attacked the Resistance zone($3,387-$3,357) today after the release of the US CPI indices. Although the figures seemed to be in gold's favor, traders still seem to be determined to continue the price correction.In terms of Elliott Wave theory, it seems that Gold has managed to complete the Zigzag Correction. We should wait for the next 5 down waves.
Also, we can see the Regular Divergence(RD-) between Consecutive Peaks.
In terms of Classic Technical Analysis, Gold appears to have successfully formed a Rising Wedge Pattern.
I expect Gold to drop to at least $3,296 AFTER breaking the lower line of the Rising Wedge Pattern.
Note: Stop Loss(SL)= $3,380
Gold Analyze ( XAUUSD ), 1-hour time frame.
Be sure to follow the updated ideas.
Do not forget to put a Stop loss for your positions (For every position you want to open).
Please follow your strategy; this is just my idea, and I will gladly see your ideas in this post.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
Note
Tensions are rising in the Middle East (possible Israeli attack on Iran), oil prices have risen, and gold is also behaving outside of technical analysis.Order cancelled
As I wrote a note 15 hours ago. I will try to update new idea soon.
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🎁Welcome than a 50% bonus(Low Spread)👉vtm.pro/Y3AV7r
🎁Get a 20% Discount on your trading FEE on BYBIT:👉partner.bybit.com/b/PEJMANZWIN
🎁Get a 20% Bonus & 30% Discount on LBANK exchange(NO KYC)👉lbank.one/join/uBythQd
🎁Get a 20% Discount on your trading FEE on BYBIT:👉partner.bybit.com/b/PEJMANZWIN
🎁Get a 20% Bonus & 30% Discount on LBANK exchange(NO KYC)👉lbank.one/join/uBythQd
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.