Gold (XAU/USD) is setting up for a potential short opportunity, according to the latest Elliott Wave analysis. 📊 The wave count indicates that Gold has completed a five-wave upward structure and is now entering a corrective phase. The chart highlights key support levels around $2,469.833, $2,467.073, and $2,464.312, which align with Fibonacci retracement levels, making them potential targets for this correction.
This analysis suggests that the market may experience a pullback, offering a prime short entry for traders looking to capitalize on this anticipated bearish move. The clear wave structure and identified levels provide a solid framework for a potentially profitable trade.
Now could be an opportune time to consider a short position in Gold, as the market appears ready for a correction. Whether you're a seasoned trader or refining your strategies, this analysis provides valuable insights to help you navigate the market effectively. Let’s work together to take advantage of this short setup and aim for profitable trades!
This analysis suggests that the market may experience a pullback, offering a prime short entry for traders looking to capitalize on this anticipated bearish move. The clear wave structure and identified levels provide a solid framework for a potentially profitable trade.
Now could be an opportune time to consider a short position in Gold, as the market appears ready for a correction. Whether you're a seasoned trader or refining your strategies, this analysis provides valuable insights to help you navigate the market effectively. Let’s work together to take advantage of this short setup and aim for profitable trades!
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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.