Gold(
XAUUSD) has entered a Correction phase after losing its ascending channel. Now, if you are in a Short position, this post will help you know where to take profit on your position or if you are looking for a Long position for gold, what area is suitable.
Gold is approaching an important Support zone($2,956-$2,917) that I don't think can be broken within a first attack. What do you think?
In terms of Elliott waves, Gold appears to be completing a bearish wave 5, which appears to be able to complete at the Support zone($2,956-$2,917).
I expect Gold to start rising again from the Support zone($2,956-$2,917) and to at least rise to $3,000 again and get close to the Resistance zone($3,058-$3,021). It is likely to fall again after this move.
In your opinion, has Gold started a major correction, and to what price can this correction continue?
Note: If Gold can touch $2,890, we can expect further declines.
Note: Because the downward momentum is currently high, it is likely that wave 5 will also complete near $2,913, and we will see a fake break of the Support zone($2,956-$2,917).
Gold Analyze ( XAUUSD ), 4-hour time frame.
Be sure to follow the updated ideas.
Do not forget to put a Stop loss for your positions (For every position you want to open).
Please follow your strategy; this is just my idea, and I will gladly see your ideas in this post.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
XAUUSD) has entered a Correction phase after losing its ascending channel. Now, if you are in a Short position, this post will help you know where to take profit on your position or if you are looking for a Long position for gold, what area is suitable.Gold is approaching an important Support zone($2,956-$2,917) that I don't think can be broken within a first attack. What do you think?
In terms of Elliott waves, Gold appears to be completing a bearish wave 5, which appears to be able to complete at the Support zone($2,956-$2,917).
I expect Gold to start rising again from the Support zone($2,956-$2,917) and to at least rise to $3,000 again and get close to the Resistance zone($3,058-$3,021). It is likely to fall again after this move.
In your opinion, has Gold started a major correction, and to what price can this correction continue?
Note: If Gold can touch $2,890, we can expect further declines.
Note: Because the downward momentum is currently high, it is likely that wave 5 will also complete near $2,913, and we will see a fake break of the Support zone($2,956-$2,917).
Gold Analyze ( XAUUSD ), 4-hour time frame.
Be sure to follow the updated ideas.
Do not forget to put a Stop loss for your positions (For every position you want to open).
Please follow your strategy; this is just my idea, and I will gladly see your ideas in this post.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
Trade active
Long Trade was activated near the Support zone($2,956-$2,917) and touched the target.For now, Short position was activated.
Trade closed: target reached
Although gold did not penetrate the Support zone($2,956-$2,917), it touched it.
The long target was touched, and now it seems that gold has managed to break the Resistance zone($3,058-$3,021).
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🎁Welcome than a 50% bonus(Low Spread)👉vtm.pro/Y3AV7r
🎁Get a 20% Discount on your trading FEE on BYBIT:👉partner.bybit.com/b/PEJMANZWIN
🎁Get a 20% Bonus & 30% Discount on LBANK exchange(NO KYC)👉lbank.one/join/uBythQd
🎁Get a 20% Discount on your trading FEE on BYBIT:👉partner.bybit.com/b/PEJMANZWIN
🎁Get a 20% Bonus & 30% Discount on LBANK exchange(NO KYC)👉lbank.one/join/uBythQd
Related publications
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.