GOLD - Buy after this pullback!

Gold is extremely bullish and is expected to double its value in the next few years. We want to take advantage of this bull market and implement long-only strategies on futures. Right now, GOLD is breaking out of the descending channel, but I want to see a retest of it. The price broke out of this channel but created a fair value GAP. These GAPs tend to be filled sooner or later, so do not FOMO in and wait for a proper retest. Then we can open a leveraged trade with a high probability of success and a high risk-to-reward ratio.

From the Elliott Wave perspective, we have finished the WXYXZ corrective pattern, which is also great to see! We are starting a brand new impulse wave to the upside, so prepare your limit orders. It's time to buy gold again.

The next significant resistance is the previous ATH. I do not really see anything special that is worth mentioning. Take only the best opportunities with a high success rate.

Let me know what you think about my analysis, and please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.

Comment:

Retest of the range - 2337 - 2325 (BUY ZONE)

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Usually we want to see a retest on a breakout point of the previous pattern (in this case, a rectangular pattern).

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The price rebounded perfectly from my support. Trade is at a great profit.

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Gold is up 4%, keep holding, the price is extremely bullish. Enjoy profits.