XAU/USD Setup According To Middle East EscalationHello Friends.
Im back with a broad perspective on GOLD.
According to happening these days in Middle East
(Hamas Terrorists against Israeil war) there are a perfect
catalyst for Gold to See Upper levels.
Lets take a look at Multi timeframe charts:
1)Daily chart
In 1D chart we can see a bearish trendline that price will see it again in coming days.
Here is where MAs meet each other (200 and 100 MAs are more important) and also there is
a strong resistance level there (1900 level).
after fall into 1800 - 1810 support level we saw a Strong Demand in Gold market
and price started to rise with a Bullish Engulfing pattern occurs in this level.
You can see my explanation in chart below :
2)Elliot Wave Count (15m Timeframe)
When we look at Gold Elliotly (:D) we can see a 5wave impulsive wave being completed as
1st wave of an upper degree Wave.
So you can see my wave count in chart below and due to Market Catalyst the correction wave
Supports at 23.6% Fibo level.
3)15m Price Action
As you can see in my main chart , near the 1800 support level , a Trading range shaped
and we see a strong Breakout after the News abot war.
This made a Spike phase (With an UP GAP at market opening).
Now we passed spike and go throgh an increasing channel.
Whats more is that we saw a Bullish Divergence between Price action and RSI.
Finally , I think Gold going to be bullish in cimig days and at least reach the 1900 level.
I hope you enjoy my idea.
PLZ share your opinion with me in comments.
Thank you ALL
#Worldpeace
