Gold is in a very important position.
The 4-hour bearish wave is currently underway, between the initial pattern of the 4-hour bullish wave with a slight rebound from the lows.
Since there is a daily supply zone above, even if it rises, if it is pushed down here, the daily downward wave will start.
However, if it rises again even if it is pushed down in the daily supply zone, it is highly likely to rise again because the weekly demand zone exists above the top even if it falls.
Worst case scenario for an uptrend is if the red circle falls below the line drawn, even if it rebounds, the red line can act as a very strong resistance line.
Conversely, if it settles above this line, there may be a weekly uptrend as it rebounds from the new weekly demand zone.
Therefore, it is necessary to take a good look at the market reaction based on the red line.
If it stays below the line circled in red or fails to break through, it will be recognized as a situation where the monthly correction process is already in progress.
Since it is difficult to rise further, it will be advantageous to look for Sell opportunities.
It can be said that the possibility of breaking the bottom again or testing support is very high.
The 4-hour bearish wave is currently underway, between the initial pattern of the 4-hour bullish wave with a slight rebound from the lows.
Since there is a daily supply zone above, even if it rises, if it is pushed down here, the daily downward wave will start.
However, if it rises again even if it is pushed down in the daily supply zone, it is highly likely to rise again because the weekly demand zone exists above the top even if it falls.
Worst case scenario for an uptrend is if the red circle falls below the line drawn, even if it rebounds, the red line can act as a very strong resistance line.
Conversely, if it settles above this line, there may be a weekly uptrend as it rebounds from the new weekly demand zone.
Therefore, it is necessary to take a good look at the market reaction based on the red line.
If it stays below the line circled in red or fails to break through, it will be recognized as a situation where the monthly correction process is already in progress.
Since it is difficult to rise further, it will be advantageous to look for Sell opportunities.
It can be said that the possibility of breaking the bottom again or testing support is very high.
Trade closed: target reached:
This analysis is invalid for two reasons.
1. Reach daily supply zone
2. Rising to non-4 hour bullish pattern (correction pattern)
1. Reach daily supply zone
2. Rising to non-4 hour bullish pattern (correction pattern)
Trade active:
It seems to come down to the weekly demand zone next week.
Comment:
It seems to come down to the weekly demand zone next week. Analysis will be posted again. However, the pattern is when a downward wave comes out again after the correction, so it seems that it will rise again only when it gains support in the weekly demand zone.