Gold a perfect opportunity to go long | XAUUSD Buy
XAUUSDFeatures:
1. Price is above 50 Daily EMA. Changed from downtrend to uptrend.
2. Textbook Elliott wave detected.
3. Elliott Impulsive Wave marked with numbers.
4. Elliott Corrective Wave marked with letters.
5. After Elliott Correction Wave price has not broken the previous support/swing low. Note: 50 Daily EMA is also located there.
6. Fibonacci level 38.2% level holding weakly, whereas 50% is the last support, below this setup will be invalidated.
7. Purple zone acting as support zone.
Results:
1. Perfect opportunity to buy gold.
2. 1960 - 1970 important confluence zone.
Important:
1. Risk management: 0.5%
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