Gold(
XAUUSD) attacked the Resistance zone ($3,445-$3,406) once again, forming an Ending Diagonal at the top of the structure.
Although price reached the Potential Reversal Zone (PRZ)[$3,454-$3,435], the presence of Regular Divergence (RD-) between the last two peaks could indicate the weakening of bullish momentum.
In terms of Elliott Wave theory, we can clearly count a completed 5-wave structure, with an Ending Diagonal pattern. This supports the idea of a major correction starting soon.
I expect Gold to attack the lower lines of Ending Diagonal, and if it breaks, it could drop to at least $3,333. The Second Target could be the Support zone ($3,451-$3,120).
Do you think Gold will make a new All-Time High(ATH) again in this rally?!
Note: Stop Loss (SL) = $3,463
Gold Analyze (XAUUSD), 2-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 ($3,445-$3,406) once again, forming an Ending Diagonal at the top of the structure.Although price reached the Potential Reversal Zone (PRZ)[$3,454-$3,435], the presence of Regular Divergence (RD-) between the last two peaks could indicate the weakening of bullish momentum.
In terms of Elliott Wave theory, we can clearly count a completed 5-wave structure, with an Ending Diagonal pattern. This supports the idea of a major correction starting soon.
I expect Gold to attack the lower lines of Ending Diagonal, and if it breaks, it could drop to at least $3,333. The Second Target could be the Support zone ($3,451-$3,120).
Do you think Gold will make a new All-Time High(ATH) again in this rally?!
Note: Stop Loss (SL) = $3,463
Gold Analyze (XAUUSD), 2-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.
Trade active
Position was activated in near Potential Reversal Zone (PRZ)[$3,454-$3,435]
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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.