GOLD (XAUUSD) | The best areas for trading🎯
Hello traders, Gold in 4-hour timeframe, this analysis was prepared in 4-hour timeframe, but has been published for a better view in 8-hour timeframe.
First of all, I have to say that the x-wave count is a triangular shape that we talked about in the daily time frame, and the orange wave counter is our 5-wave count in the daily time frame.
In the 4-hour timeframe, both of our countdown waves show the beginning of an uptrend.
Wave 1 is probably complete and now Wave 2 is forming.
Wave 2 moves in a zigzag pattern.
This wave in smaller timeframes may or may not complete wave (b) itself.
If wave b completes after the market opens on Monday, wave 2 will move towards the target of 0.618 without any correction.
If wave b is not complete, the price will probably move upwards after the market opens and then start moving downwards.
Best places to trade:
Best point for sale: The trend line is pink, after seeing the return signs, you can have a sale up to Fibo 0.618
Best point to buy: The first point to buy gold is the pink and blue channel floor, which is 0.618 wave 2 on Fibo.
Second point: If the pink trend line is broken and the price crosses the end of wave 1, you can buy, and in this case, wave 2 is over in Fibo 0.50.
If the purple resistance line is broken, this analysis is fielded.
🙏If you have an idea that helps me provide a better analysis, I will be happy to write in the comments🙏
❤️Please, support this idea with a like and comment!❤️
First of all, I have to say that the x-wave count is a triangular shape that we talked about in the daily time frame, and the orange wave counter is our 5-wave count in the daily time frame.
In the 4-hour timeframe, both of our countdown waves show the beginning of an uptrend.
Wave 1 is probably complete and now Wave 2 is forming.
Wave 2 moves in a zigzag pattern.
This wave in smaller timeframes may or may not complete wave (b) itself.
If wave b completes after the market opens on Monday, wave 2 will move towards the target of 0.618 without any correction.
If wave b is not complete, the price will probably move upwards after the market opens and then start moving downwards.
Best places to trade:
Best point for sale: The trend line is pink, after seeing the return signs, you can have a sale up to Fibo 0.618
Best point to buy: The first point to buy gold is the pink and blue channel floor, which is 0.618 wave 2 on Fibo.
Second point: If the pink trend line is broken and the price crosses the end of wave 1, you can buy, and in this case, wave 2 is over in Fibo 0.50.
If the purple resistance line is broken, this analysis is fielded.
🙏If you have an idea that helps me provide a better analysis, I will be happy to write in the comments🙏
❤️Please, support this idea with a like and comment!❤️
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.