Gold is Ready to Attack to Heavy Support zone!!!
Updated
Gold(
XAUUSD) seems to have managed to break the 100_SMA(Daily), the Support zone($2,613-$2,608), and the lower line of the ascending channel and is currently moving in the Heavy Support zone($2,605-$2,584).
According to the theory of Elliott waves, Bitcoin seems to be completing the main wave 5.
In terms of Classical Technical Analysis, with the breaking of the lower line of the ascending channel, we can also see the Bearish Flag Pattern well in the higher time frame.
I expect Gold to GO down at least as wide as the ascending channel and go down to the Potential Reversal Zone(PRZ)[$2,577-$2,565] and 21_SMA(Weekly).
⚠️Note: If Gold breaks the 100_SMA(Daily) and Resistance lines, we should expect Gold to rise further.⚠️
🔔Be sure to follow the updated ideas.🔔
Gold Analyze ( XAUUSD ), 1-hour time frame ⏰.
Do not forget to put 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) seems to have managed to break the 100_SMA(Daily), the Support zone($2,613-$2,608), and the lower line of the ascending channel and is currently moving in the Heavy Support zone($2,605-$2,584).According to the theory of Elliott waves, Bitcoin seems to be completing the main wave 5.
In terms of Classical Technical Analysis, with the breaking of the lower line of the ascending channel, we can also see the Bearish Flag Pattern well in the higher time frame.
I expect Gold to GO down at least as wide as the ascending channel and go down to the Potential Reversal Zone(PRZ)[$2,577-$2,565] and 21_SMA(Weekly).
⚠️Note: If Gold breaks the 100_SMA(Daily) and Resistance lines, we should expect Gold to rise further.⚠️
🔔Be sure to follow the updated ideas.🔔
Gold Analyze ( XAUUSD ), 1-hour time frame ⏰.
Do not forget to put 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
Considering Gold's situation, it makes sense to open a short position now. However, Gold is back above the Support zone($2,613-$2,608) and has entered the ascending channel and broken the resistance lines.
⚠️Note: We can expect more increase if Gold goes above $2,624.
Trade closed manually
My target was $2,603, but gold fell to $2,605.
It doesn't matter.
Risk-free is also good and normal for me.
Happy New Year ==>>Best wishes
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