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Gold XAU - New bull market just started! Elliott Wave + Channel
Gold Spot / U.S. Dollar
Long
Gold XAU - New bull market just started! Elliott Wave + Channel
By UnknownUnicorn2537518
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Jul 22, 2022
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Jul 22, 2022
Gold is currently sitting on a strong support level on the weekly chart!
We have a great confluence here - an ascending parallel channel + 200 weekly moving average + bullish rectangle.
200 weekly MA is considered as a very strong support by huge institutions and hedge funds.
ABC correction + Wave (4) have been completed, so we can start a new impulse wave from here!
I think this will be the final impulse wave and then we can go back to retest the rectangle from the upside.
You can place your profit target to the TOP of the parallel channel, but do not forget to switch to a LOG scale.
Look at my ideas about Bitcoin and Ethereum in the related section down below ↓
For more ideas please hit "Like" and "Follow"!
Ascending Channel
Ascending Triangle
Bearish Rectangle
Bullish Rectangle
Bullish Trend Line
Elliott Wave
FLAT
Fundamental Analysis
Gold
Rising Wedge
Support and Resistance
XAUUSD
UnknownUnicorn2537518
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