Gold might be preparing for a complex corrective wave that means the buying area will be near 1740/1748 levels.
don't get me wrong this scenario might not happen and we might see a surge in gold from current levels but you need to calculate the risks of a possible pullback.
1856 is a medium term target with current uncertainty in the capital markets- inflation-...
Gold Witnessed a fives waves down reaching 1802 Level, and entering a 3 waves pullback at the moment.
at first we take into consideration that the pullback is corrective targeting 1863 unless the chart gave us a bullish momentum and broke the target.
be aware of a counter wave for now to retest 1830 level at which it will be a good entry to go long again.
Gold proved several times after completing the downfall and targeting 1680 as a double bottom that the retracement at the first place from 2073 dollars an ounce is still corrective.
all the advanced yet the classical technical analysis is showing a momentum and a possible surge in gold prices in the medium to long term.
lets not forget the inflation effect on gold...
This is my perspective about gold (xauusd) using wyckoff method in re-accumulation phase scenario, gold potentially entering middle of phase c, and we waiting for the price action showing us alot of buyers entry the market with impulsive bullish or rejection from the bearish candle,on that time gold potentially entering phase D
Gold is in a bullish trend after breaking market structure on the daily timeframe. Price just needs to retrace back to 1800 zone/ orderblock that formed after BMS, and then we'll load buys to 1850/1869 to fill up the imbalance.
This buy setup entry is only before nonfarm payroll. Let see how it go. On the red zone, again, that is not a SL, but its just imaginary SL,which is valid if the price close below the redline. I will strict on my active trade to BE if my entry in profit condition.
GOLD IS SET FOR A NEW BULLISH TARGET
XAU/USD will be clinging to the next resistance line as the market sentiment is aimed at achieving a fresh buying power. While the bulls can have a highly substantial amount of factors that could trigger positive market conditions.
The bears on the other hand have tested a pullback below support on consecutive...
2 Possible scenarios.
1. Gold will drop to 1787 area then continue with the bullish trend. Or,
2. It will drop further to retest the major weekly orderblock at 1775 area, which will give us sniper buy entries all the way up.
Watch out for these two areas.