Gold(
XAUUSD) moved according to yesterday's analysis and the position that was Risk-To-Reward:1.61 and hit the target of this position. Do you think Gold will continue its correction, or should we wait for the next gold rally to start?
Gold is trading in the Resistance zone($3,280-$3,245) near the Potential Reversal Zone(PRZ)[$3,269-$3,256], and the Resistance lines.
From a Classical Technical Analysis perspective, it seems possible that an Ascending Broadening Wedge Pattern could form.
Educational note: An Ascending Broadening Wedge is a bearish technical pattern characterized by higher highs and higher lows that expand over time. It signals increasing volatility and weakening bullish momentum, often leading to a breakdown below support.
In terms of Elliott Wave theory, Gold appears to be in corrective waves in the 15-minute time frame.
I expect Gold to decline at least to the Support lines again, at least I think you can find a good Risk-To-Reward in PRZ for short positions.
Note: If Gold touches $3,292[Worst Stop Loss(SL)], we can expect further gains.
Gold Analyze ( XAUUSD ), 15-minute 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) moved according to yesterday's analysis and the position that was Risk-To-Reward:1.61 and hit the target of this position. Do you think Gold will continue its correction, or should we wait for the next gold rally to start?Gold is trading in the Resistance zone($3,280-$3,245) near the Potential Reversal Zone(PRZ)[$3,269-$3,256], and the Resistance lines.
From a Classical Technical Analysis perspective, it seems possible that an Ascending Broadening Wedge Pattern could form.
Educational note: An Ascending Broadening Wedge is a bearish technical pattern characterized by higher highs and higher lows that expand over time. It signals increasing volatility and weakening bullish momentum, often leading to a breakdown below support.
In terms of Elliott Wave theory, Gold appears to be in corrective waves in the 15-minute time frame.
I expect Gold to decline at least to the Support lines again, at least I think you can find a good Risk-To-Reward in PRZ for short positions.
Note: If Gold touches $3,292[Worst Stop Loss(SL)], we can expect further gains.
Gold Analyze ( XAUUSD ), 15-minute 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
Trade was activated in Potential Reversal Zone(PRZ)[$3,269-$3,256]Trade closed: target reached
Full Target Done
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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.