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H4

is this time to fomo buy gold ?rsi was highly overbought and now it back to normal level after 12345 wave price has made abc correction with 0.382 retracement this macro trend for gold is super bullish it is ready to breakout its 2070 multi year resistance $2000 is a huge phycological level so profit taking here is very reasonable since macro is big bull on gold so may be it don't hit 0.618 or 0.50 level after $75 correction from last high but you should be ready upto 50% level and new higher high target is $2100 becasue after rate pause inevitable rate cut is coming
FOREXCOM:XAUUSDLong
by Sangam-Agarwal
3
gold Elliott wave 1959 to 1804price first dropped vertical in wave A than it made flag correction patter in wave B than it made C ending diagonal pattern after cpi and other economic indicators while top was made after fomc meeting when fed said deflation has been started and inflation will drop very quickly but despite those less hawkish comments gold dropped which you can say insider trading before nfp or profit taking after November bottom but latter that week price drop accelerated after strong 517k nfp and strong ISM pmi numbers while our wave C decline came after cpi which proved opposite of what fed said in fomc speech from top 1959 abc waves are correction to daily time frame trend from 1614 to 1959 we can say this is correction ending with ending diagonal pattern at 1804 if today's candle stick close green again than it will confirm bottom for gold rsi divergence since low made by wave A since we are near 1 year of fed first rate hike last year so lag effect of fed aggressive rate hike since volcker will create slow down in global economy reason to buy because of lag effect nfp come down from 517k to 200k till December 2023 fed dual mandate will shift form inflation in 2022 to employment in 2023 global rate hike will pause with march month and later fed will pause with last hike in may fomc rate pause will start evitable rate cut so again market pricing for rate cut = gold bullish again to get out of recession central banks will again start easy monetary policy which can send gold upto $3000 so possible bottom after nov 4 low at 1620 correction to trend from 1614 to 1959 than new higher high beyond $2100 buy at 1804 with profit target first $2000 than $2100
OANDA:XAUUSDLong
by Sangam-Agarwal
4
Gold Elliott wave count 19 Dec 2023gold price made triple bottom at 1620 but veridical bullish trend was started after November fomc and it went straight up to 1824 bottom to top price has made 12345 leading diagonal chart pattern. Or you can say buy the rumor sell the news of lower size of rate hike lower trend line has been breakout and now retesting that line again as resistance near 1791 level counter trend correction sell (sl 1824, tp 1730 and 1720) target is to buy again 50% retracement level at 1720 buying zone start from 0.382 level and main target is 0.50 level longer term trend of gold is bullish key news core PCE on friday (don't sell without sl ) (focus more on buying entry) in ending diagonal price makes deep retracement in leading diagonal price makes usually 10 to 38% retracement fundamental : macro economic analysis feb fomc = 25bps rate hike march fomc = fed rate pause june/ dec fomc = rate cut rate cut and stagflation both are bullish for gold historically bullish trend will last upto rate cut than on official announcement we will sell big correction inflation target 4% in may/june 2023 high employment forcing fed to cut rate in 2023 summry trend from 1616 to 1824 has completed now we are in correction after correction ends price will go up again
VANTAGE:XAUUSDLong
by Sangam-Agarwal
usdchf rising wedge pattern price is making triple top at 1.00492 horizontal resistance it has made rising wedge pattern which is ending right at the resistance. if it break lower yellow line than there is huge risk to down that price going back to support where the chart pattern started based on current price - long on retest of lower yellow line than waiting for breakout of upper horizontal resistance if lower yellow trend breaks than sell on retest and with sl on white horizontal resistance and tp based on your risk reward ratio since dollar is strong fed is ready to hike 75bps again in November fomc so fundamental support upside breakout but this 3rd week of October and based on seasonality dollar could make correction and downside move is possible but it will be limited until fomc rate hike
by Sangam-Agarwal