Bearish Week for GOLD Ahead
Pure technical analysis.
On the H1 time frame, XAUUSD appears to have completed the fifth wave (E) of Elliot Waves and penetrated the lower channel at market close last Friday, February 2.
On that day, XAUUSD made a very strong bearish move after the NFP after previously being unable to break through resistance that had been touched at least twice.
For entry, we predict that XAUUSD will try to touch this resistance area once again (2058,000 - 2067,000) to take equal high liquidity and then dropping to the zone that was previously the price battle zone (1955,800 level). First take profit at level 1955,000 - 196,000.
If the bearish trend continues, take profit can be extended to the 1900,000 area, which is also the previous imbalance area and a zone where prices have bounced several times.
Cancel setup if price breaks the 2067.000 zone with a lot of volume, it might be an extended Elliot Waves.
On the H1 time frame, XAUUSD appears to have completed the fifth wave (E) of Elliot Waves and penetrated the lower channel at market close last Friday, February 2.
On that day, XAUUSD made a very strong bearish move after the NFP after previously being unable to break through resistance that had been touched at least twice.
For entry, we predict that XAUUSD will try to touch this resistance area once again (2058,000 - 2067,000) to take equal high liquidity and then dropping to the zone that was previously the price battle zone (1955,800 level). First take profit at level 1955,000 - 196,000.
If the bearish trend continues, take profit can be extended to the 1900,000 area, which is also the previous imbalance area and a zone where prices have bounced several times.
Cancel setup if price breaks the 2067.000 zone with a lot of volume, it might be an extended Elliot Waves.
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