Gold’s Bull Trap? Major Reversal Incoming!As I expected in yesterday's post , Gold ( OANDA:XAUUSD ) started to rise from the Support zone($2,919-$2,905) and bounced exactly on my hypothesized lines , and I hope you were able to profit.
Gold failed to break the Resistance zone($2,948-$2,940) . And it appears to have created a Bull Trap .
In terms of the Elliott wave theory , Gold seems to have completed the main wave 5 , and one of the signs for me was the Bull Trap .
I expect Gold to fall to at least the Support zone($2,919-$2,905) after breaking the Uptrend lines . ( Next targets are also possible ).
Note: If Gold can go over the Resistance zone, we can expect more pumps.
Be sure to follow the updated ideas.
Gold Analyze ( XAUUSD ), 30-minute 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.
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