Gold(
XAUUSD) started to decline as I expected in my previous idea after the lower lines of the Ending Diagonal broke.
Gold is moving near the Resistance zone ($3,349-$3,325). And Gold seems to be crossing the 50_SMA(Daily).
From a Classical Technical Analysis perspective, the Bearish Pennant Pattern seems to indicate a continuation of the downtrend in Gold.
From an Elliott wave theory perspective, it seems that Gold has completed the Zigzag Correction(ABC), and we can expect the next 5 downwaves.
I expect Gold to continue to decline at least to the Support zone($3,281-$3,243) and Monthly Pivot Point.
Note: Stop Loss (SL) = $3,360
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) started to decline as I expected in my previous idea after the lower lines of the Ending Diagonal broke.Gold is moving near the Resistance zone ($3,349-$3,325). And Gold seems to be crossing the 50_SMA(Daily).
From a Classical Technical Analysis perspective, the Bearish Pennant Pattern seems to indicate a continuation of the downtrend in Gold.
From an Elliott wave theory perspective, it seems that Gold has completed the Zigzag Correction(ABC), and we can expect the next 5 downwaves.
I expect Gold to continue to decline at least to the Support zone($3,281-$3,243) and Monthly Pivot Point.
Note: Stop Loss (SL) = $3,360
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.
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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
Related publications
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.