Gold 9/9/2024 Idea
Gold is currently in Wave 3 on the monthly chart, showing an uptrend. On the weekly chart, there are three consecutive Doji candles indicating indecision, which could potentially lead to the start of Wave 4 (not confirmed yet). This suggests possible consolidation on the daily chart between $2,470 and $2,525, while also noting the presence of a bull flag pattern that I am monitoring for a potential breakout.
On the 4-hour timeframe, an ABC corrective wave is forming, with bearish targets at the 61.8% Fibonacci level at $2,470, and further down to the 78.6% and 88.5% levels. There is also confluence with a breaker block and Fair Value Gap (FVG) at 2470 level.
On the 30-minute chart, I am currently looking for a short position targeting the $2,470 area at any corrective wave on shorter timeframe .And If this area holds and I see any bullish candlestick patterns, I will start buying gold.
On the 4-hour timeframe, an ABC corrective wave is forming, with bearish targets at the 61.8% Fibonacci level at $2,470, and further down to the 78.6% and 88.5% levels. There is also confluence with a breaker block and Fair Value Gap (FVG) at 2470 level.
On the 30-minute chart, I am currently looking for a short position targeting the $2,470 area at any corrective wave on shorter timeframe .And If this area holds and I see any bullish candlestick patterns, I will start buying gold.
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