Hi everyone
hope you have good moments
i have an longterm idea on GOLD according to price action levels
and Elliot Wave Analyze.
first lets look at Wave analysis.
we can see above an impulsive wave that seems to be ending.
and after that we expect a deep ABC correction for this compelete cycle.
i show this ABC in my chart.
there are another possible shapes for this ABC but i illustrate one of them above.
after that lets go to keep an eye on price action.
GOLD bounces from 1680 support strong with 2 candlestick patterns:
1)bullish engulfing
2)bullish harami
so we expect to grow approch 1790 resistance first.
probably after that we will see a correction again (WAVE B) and then break this level
toward 1860 resistance.
this level is the end of wave 4 from prior impulsive wave
and the level 50% retracement of impulsive 5 wave too.
with a deep look we see 200 day Moving Average around this level.
so if something unnormal dont happen , we see this level soon.
notice that interest rate set to 0.75 upper to 2.5 and the market price this rate before.
and seems inflation peaks and will be go down in front months.
dont forget to manage your risks.
our first duty is protect our capital after that we think about profits.
thank you all for reading my opinion.
tell me your criticism in comments and i will be happy.
hope you have good moments
i have an longterm idea on GOLD according to price action levels
and Elliot Wave Analyze.
first lets look at Wave analysis.
we can see above an impulsive wave that seems to be ending.
and after that we expect a deep ABC correction for this compelete cycle.
i show this ABC in my chart.
there are another possible shapes for this ABC but i illustrate one of them above.
after that lets go to keep an eye on price action.
GOLD bounces from 1680 support strong with 2 candlestick patterns:
1)bullish engulfing
2)bullish harami
so we expect to grow approch 1790 resistance first.
probably after that we will see a correction again (WAVE B) and then break this level
toward 1860 resistance.
this level is the end of wave 4 from prior impulsive wave
and the level 50% retracement of impulsive 5 wave too.
with a deep look we see 200 day Moving Average around this level.
so if something unnormal dont happen , we see this level soon.
notice that interest rate set to 0.75 upper to 2.5 and the market price this rate before.
and seems inflation peaks and will be go down in front months.
dont forget to manage your risks.
our first duty is protect our capital after that we think about profits.
thank you all for reading my opinion.
tell me your criticism in comments and i will be happy.