TradingAxis

Gold > Might Shine Again Soon!!

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
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Analysis of #GOLD

Hello friends.

Gold is facing tough competition from the bond yield and the dollar looing at the chart you see gold has made three equaled measured correction move to the downside.

I believe that in Elliott wave theory they call this 5 wave correction move, but am not an Elliot wave expert.

What I can tell you about gold now that it might be a buying soon.
Looking at the chart we have the market wanting to test 1700-1690 which is Fib 61 level, coincide with a structure support level also coincide with trendline support.

I will be watching the market when it enters the zone waiting for the bearish movement to turn bullish and then look for a valid reason to enter in a very good risk to reward trade.


let me know in the comment what pair you want to see the analysis for in my next free analysis

Safe trading everyone

Check today analysis below⠀

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-disclaimer: this information is not a recommendation to buy or sell. It is to be used for educational purposes only⠀
-⚠ please note this is just a prediction and i have no reason to act on it and neither should you
Comment: moved as predicted

Comment: another possible buy setup

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Comments

the exact thing I had in mind great work mate
Reply
Thanks for sharing :)
Reply
Great analysis!
Keep up the good work! 📈
Reply
TradingAxis The_BingeTrader
@The_BingeTrader, thank you so much
+1 Reply
TradingAxis keep posting quality setups bro
Reply
TradingAxis TheSignalyst
@TheSignalyst, really do appreciate the comment
Reply
thank you for sharing. nice update for gold traders. pays to zoom out!
Reply
TradingAxis ProjectSyndicate
@ProjectSyndicate, glad you liked it mate
Reply
strong area of support thanks for sharing
Reply
TradingAxis MMBTtrader
@MMBTtrader, thank you for your comment
Reply
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