Gold(
XAUUSD) started to rise today after the release of the
ISM Manufacturing PMI index formed a new All-Time High(ATH).
The question is what price range could the new ATH price range for gold be in?
Gold is currently moving near the Potential Reversal Zone(PRZ)($3,557-$3,531).
From a pattern analysis perspective, it looks like Gold is completing a Bearish Crab Harmonic Pattern. In fact, if we find a trigger at point D of the Bearish Crab Harmonic Pattern, we can confirm this pattern.
From an Elliott wave theory perspective, it looks like Gold is completing wave 5. This wave 5 could act as the end of the main wave 3.
I expect Gold to drop to at least $3,501 in the coming hours.
Second Target: $3,481
Third Target: Support zone($3,474-$3,466)
Stop Loss (SL) = $3,559(Worst)
Gold Analyze (XAUUSD), 15-minute 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 rise today after the release of the ISM Manufacturing PMI index formed a new All-Time High(ATH).
The question is what price range could the new ATH price range for gold be in?
Gold is currently moving near the Potential Reversal Zone(PRZ)($3,557-$3,531).
From a pattern analysis perspective, it looks like Gold is completing a Bearish Crab Harmonic Pattern. In fact, if we find a trigger at point D of the Bearish Crab Harmonic Pattern, we can confirm this pattern.
From an Elliott wave theory perspective, it looks like Gold is completing wave 5. This wave 5 could act as the end of the main wave 3.
I expect Gold to drop to at least $3,501 in the coming hours.
Second Target: $3,481
Third Target: Support zone($3,474-$3,466)
Stop Loss (SL) = $3,559(Worst)
Gold Analyze (XAUUSD), 15-minute 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
Trade was activated in Potential Reversal Zone(PRZ)($3,557-$3,531)Note
It seems that the last chance for Gold to decline could be confirmation of the end of the main wave 5 with Expanding Ending Diagonal.
As I said in the analysis text, the Stop Loss (SL) could be at $3,559.
Apart from the ISM Manufacturing PMI index, geopolitical reasons have also caused the gold to increase.
Trade closed: stop reached
Stop Loss was touched
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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.