VasilyPonomarev
Long

GOLD: Important Warning!!!

OANDA:XAUUSD   Gold Spot / U.S. Dollar

this is my weekly update for gold .

currently, I don't have any active position.
However, based on the question that I received this morning
I see that many traders missed yesterday's selling rally and still want to jump in.

Analyzing structure on the left, we can easily notice that gold has reached a key support level .
+we see a formation of a dodji candle and multiple rejections.

For this reason, I think it is late to sell the market,
I think the price will retrace from the identified support.

*If you want more ideas on gold , please, support the idea with like and leave a comment, thanks :)
Oct 31
Comment: thank you for supporting the idea!
really appreciate that!
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XAUUSD M15 Wave C Down, I still don't see any reason my H4 target won't be hit. Check it out!
+3 Reply
@Boon2, thank you)
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using elliot wave yes expect a pullback
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Any thoughts where it will go with fed decision...

Any thoughts on Dow?

Thanks
Reply
@harry3033, hey Harry!
during the announcement of the surprising news it is very difficult to identify the structure level that the market will respect.
better just stay away!)
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otterslide VasilyPonomarev
@VasilyPonomarev, I'm also out. Too many times the FED has crushed gold, and I don't see why this time it will be any different.. Although I had good hopes for a 1% gain on the FED news, better not take chances.. because I think the downside could be up to 2% , so better buy cheap later. The FED will surely cut and almost surely indicate they are not looking to do another cut this year, that will not go well.
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otterslide otterslide
@otterslide, Also the GDP was way better than I expected.. surprising gold is not 1% down already.
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Any updates?
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@kaitje6, 1495 level was reached
it is a middle structure level.
I think the further movement will be determined by feds actions this evening
Reply
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