XAUUSD: Bullish Short-term, Bearish Long-term
Hello everyone, this is my analysis for XAUUSD (GOLD);
- To begin with, the price has broken the ascending channel downwards after the formation of the 5th Elliot Wave. The A Elliot Wave (A-B-C corrective structure) has seemed to form after successfully reaching 1450.
- The H&S pattern appears to be the current forming pattern and the next target for the price may be around 1550 for the formation of the B Elliot Wave (bullish short-term/consolidation). Also, a re-test of the broken trend-line is possible.
- Long-term, the price indicates a bearish trend after the formation of the H&S pattern and the beginning of the C Elliot Wave. The target for the bearish trend is around the 1350 key level which aligns with the approaching MAs.
- The MACD is also indicating a divergence, signalling a loss of bullish momentum; further confirming a possible bearish trend (corrective structure).
- Thank you for dropping by and checking out my idea!
- If you support my view, a like would be highly appreciated. Otherwise, feedback and suggestions are always accepted!
Good luck!
- To begin with, the price has broken the ascending channel downwards after the formation of the 5th Elliot Wave. The A Elliot Wave (A-B-C corrective structure) has seemed to form after successfully reaching 1450.
- The H&S pattern appears to be the current forming pattern and the next target for the price may be around 1550 for the formation of the B Elliot Wave (bullish short-term/consolidation). Also, a re-test of the broken trend-line is possible.
- Long-term, the price indicates a bearish trend after the formation of the H&S pattern and the beginning of the C Elliot Wave. The target for the bearish trend is around the 1350 key level which aligns with the approaching MAs.
- The MACD is also indicating a divergence, signalling a loss of bullish momentum; further confirming a possible bearish trend (corrective structure).
- Thank you for dropping by and checking out my idea!
- If you support my view, a like would be highly appreciated. Otherwise, feedback and suggestions are always accepted!
Good luck!
Comment:
- Price has successfully reached 1550 and re-tested the broken trend-line. Now, there is potential for a consolidation between 1500-1550, and later a drop towards 1450 and further to 1400.