GOLD is super bullish, and this trend should continue until around 7000 USD, so another few years! In one of my next analyses, I will tell you why. In this short-term analysis, we want to buy GOLD at the strong support of this blue ascending channel.
On the chart we can see that GOLD has been moving in the ascending parallel channel and recently broke out of the bullish flag on the higher timeframe. The bullish flag was retested on June 9, so we don't need to go down anymore. Btw, that was a great buying opportunity! Soon the price will hit the support trendline of the ascending channel, so prepare your buying orders!
What is the profit target? The first strong resistance is the previous all-time high level. If you want to take profit here, that's definitely reasonable. Always set your profit targets slightly below major levels and resistances. From the Elliott Wave perspective, it is obvious that GOLD is starting something huge here! We are in an impulse wave 3 of 5.
Always use fibonacci extension / retracement to find strong levels on charts. I recommend using only 0.382, 0.618, and 1 levels. When we take a Fibonacci extension tool from wave (1) to wave (2) we can see that the first strong level is at 3490 with the 1:1 Fibonacci extension.
On the chart we can see that GOLD has been moving in the ascending parallel channel and recently broke out of the bullish flag on the higher timeframe. The bullish flag was retested on June 9, so we don't need to go down anymore. Btw, that was a great buying opportunity! Soon the price will hit the support trendline of the ascending channel, so prepare your buying orders!
What is the profit target? The first strong resistance is the previous all-time high level. If you want to take profit here, that's definitely reasonable. Always set your profit targets slightly below major levels and resistances. From the Elliott Wave perspective, it is obvious that GOLD is starting something huge here! We are in an impulse wave 3 of 5.
Always use fibonacci extension / retracement to find strong levels on charts. I recommend using only 0.382, 0.618, and 1 levels. When we take a Fibonacci extension tool from wave (1) to wave (2) we can see that the first strong level is at 3490 with the 1:1 Fibonacci extension.
Trading tip at the end: "Develop a trading strategy that aligns with your trading persona and risk tolerance."Leave a comment with your gold prediction, I am curious! Trading is not hard if you have a good coach! This is not a trade setup, as there is no stop-loss or profit target. I share my trades privately. Thank you, and I wish you successful trades!
Trade active
Long trade activated. The price just hit the bottom of the channel.Note
Leave a comment now! Are you long or short?
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💡Join my VIP group (signals, my trades)
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✅Claim 11,000 USDT welcome gift
t.ly/XHGfN
✅Trade crypto here, free 345 USDT trading bonus
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✅Trade gold and forex here
t.ly/tPLK2
xanrox.org/premium
✅Claim 11,000 USDT welcome gift
t.ly/XHGfN
✅Trade crypto here, free 345 USDT trading bonus
t.ly/InQc_
✅Trade gold and forex here
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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.