As I expected in my previous idea, Gold(
XAUUSD) moved towards the Support zone($3,280-$3,245) after breaking the lower line of the ascending channel.
Gold is moving near the Support zone($3,280-$3,245), Potential Reversal Zone(PRZ)[$3,283-$3,270]and Monthly Pivot Point.
In terms of Elliott Wave theory, Gold appears to be completing a main wave 4. The structure of the main wave 4 can be complex. Confirmation of the end of the main wave 4 requires a break of the Resistance lines and Resistance zone($3,387-$3,357).
I expect Gold to move up after entering the Potential Reversal Zone(PRZ)[$3,283-$3,270] and the first target could be $3,314 and the second target could be $3,337. If the momentum is high for Gold, you can consider higher targets for Gold to increase.
Note: If Gold touches $3,245[Worst Stop Loss(SL)], we should expect further declines.
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) moved towards the Support zone($3,280-$3,245) after breaking the lower line of the ascending channel.Gold is moving near the Support zone($3,280-$3,245), Potential Reversal Zone(PRZ)[$3,283-$3,270]and Monthly Pivot Point.
In terms of Elliott Wave theory, Gold appears to be completing a main wave 4. The structure of the main wave 4 can be complex. Confirmation of the end of the main wave 4 requires a break of the Resistance lines and Resistance zone($3,387-$3,357).
I expect Gold to move up after entering the Potential Reversal Zone(PRZ)[$3,283-$3,270] and the first target could be $3,314 and the second target could be $3,337. If the momentum is high for Gold, you can consider higher targets for Gold to increase.
Note: If Gold touches $3,245[Worst Stop Loss(SL)], we should expect further declines.
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 closed: target reached
As I said in the Note section, our Stop Loss(SL) was $3,245, but gold fell to $3,245.56:
Note: If Gold touches $3,245[Worst Stop Loss(SL)], we should expect further declines.
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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.