Gold (XAUUSD)Long
Gold Price Analysis 19-08-2024
Daily Timeframe 📅
🔍 Trend: Gold has been in a strong uptrend, recently pushing into a key resistance zone above 2500.
Elliott Wave: Currently in Wave 3.
💡 Key Levels:
Resistance: 2,510 (recent high). Watching for targets at 2,550 (161.8% Fib extension) and possibly 2,700.
4-Hour Timeframe ⏰
🚀 Trend: The bullish trend continues, with a recent breakout above an ascending triangle. The price is now pulling back to key support zones.
💡 Key Levels:
Support: Area around 2,471 (FVG, breaker, and 50% Fibonacci confluence).
30-Minute Timeframe 🕒
🔄 Wave Structure: Currently in subwave 4 of a larger Wave 3. We’ve completed waves A and B, and are now forming wave C.
💡 Key Levels:
Fibonacci Support: Area around 2,472 (61.8%), aligning with higher timeframe confluence.
📊 Scenarios:
Bullish: If the price bounces from the 50% or 61.8% retracement levels, expect a rally toward 2,550 as Wave 5 targets the 161.8% Fib extension.
Bearish: Failure to hold the 61.8% level could lead to a deeper pullback, but this would likely be a buying opportunity as we prepare for Wave 5.
🎯 Overall Summary:
Gold remains in a bullish trend but is currently in a corrective phase. I'm looking for buying opportunities around the 50% retracement level on the daily chart or the FVG/confluence zone on the 4-hour and 30-minute charts. My target is the resistance zone around 2,550, with a potential move up to 2,700 in the longer term.
Disclaimer: Trading involves risk. This analysis is not financial advice. Trade at your own risk.
🔍 Trend: Gold has been in a strong uptrend, recently pushing into a key resistance zone above 2500.
Elliott Wave: Currently in Wave 3.
💡 Key Levels:
Resistance: 2,510 (recent high). Watching for targets at 2,550 (161.8% Fib extension) and possibly 2,700.
4-Hour Timeframe ⏰
🚀 Trend: The bullish trend continues, with a recent breakout above an ascending triangle. The price is now pulling back to key support zones.
💡 Key Levels:
Support: Area around 2,471 (FVG, breaker, and 50% Fibonacci confluence).
30-Minute Timeframe 🕒
🔄 Wave Structure: Currently in subwave 4 of a larger Wave 3. We’ve completed waves A and B, and are now forming wave C.
💡 Key Levels:
Fibonacci Support: Area around 2,472 (61.8%), aligning with higher timeframe confluence.
📊 Scenarios:
Bullish: If the price bounces from the 50% or 61.8% retracement levels, expect a rally toward 2,550 as Wave 5 targets the 161.8% Fib extension.
Bearish: Failure to hold the 61.8% level could lead to a deeper pullback, but this would likely be a buying opportunity as we prepare for Wave 5.
🎯 Overall Summary:
Gold remains in a bullish trend but is currently in a corrective phase. I'm looking for buying opportunities around the 50% retracement level on the daily chart or the FVG/confluence zone on the 4-hour and 30-minute charts. My target is the resistance zone around 2,550, with a potential move up to 2,700 in the longer term.
Disclaimer: Trading involves risk. This analysis is not financial advice. Trade at your own risk.
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.