Short

XAUUSD reversal zone

By wavenowz

Updated

as chart above

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Possible target is 1790-1791 then the price continue pumping up

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1790 reached

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The price can dump drastically to 1730-1736 depend on the time being

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The retracements as following
82 @ 0.5
75 @ 0.618
then do a bull trap to
99 @ 0.618
lets see if these path happen

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At this moment , you can open sell limit at 1806-1807 for scalping

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1806 reached and sell limit is ready to open

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The target are
82 @ 0.5 with minor retracement, you can do a scalping here
75 @ 0.618 you can close your sell here and start long to 99

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Pennant has formed, also the trendline at previous LL can be hit at 1784-1785. You can skip TP at 82. just wait and see

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As I checked the drop from reversal zone at 1806-1810 , The price went back to 1806 to do a retest. This formed a huge drop trend as it is the same fibo 2.618 from upside down. The price could go to 1675-1678

The FOMC might not be able to hold this huge drop. So please stick to the plan. skip 82, do a scalp at 75 which is the main 0.618 retrace point. Last TP is 1675-1678.

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The price is pumping up now but I think it would leave a long wicked in H4 . If not this plan will be cancelled cause the price gonna boost hard

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Plan A.
If H4 leave a long wick , it will dump to 1783 at 1.272 FIBO.

Plan B.
If H4 not leave a long wick , wait and see because it will go down retest a trend line

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The wick already gone and it create a symmetric arc as above chart.
The last arc shown that FIBO is 0.7 retrace and 1.786 drop.
The present arc gonna do the same thing. The price will hit the FIBO 0.7 which is 1811 and do a massive drop to 1768 with some minor retracements.

From now, you can set sell limit at 1811 or 1810.5 and TP at 1768-1770

Let's see if this happen

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1811 reached. Next target is 1768-1770

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Here is another proof of waterfall.
The bearish divergence appeared the same way. So on monday will be the long red candle. Expected price is 1768

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XAUUSD in 12-20 July

As the bull market try to go up tp 1824-1857 but cannot reach, the price has to find more power then go back to 1753.
The paths would be like in the chart. This could take about 1-2 weeks. My prediction is 12-20 july. but this could take shorter or longer depend on time being.

For UTC+0, reversal is 07:00-08:00

wavenowz

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