First possibility if wave 5 maximum 1860-1861, will descend to 1793 to increase the height, targeting 1865. Second possibility, if 1865-1870 is reached, will drop to the area 1745-1776 with a target 1891 and a second target 1950.
Found broadening wedges pattern in TF-h4. However, I'm not sure if it is descending broadening wedges. Firstly, I thought it was a flag pattern, but the chart got wider and already broke the resistance line.
I'm not telling this if it is gonna bullish or bearish because this can be a false break if it continues falling or bearish if he follows my prediction draw lines.
✔XAUUSD Is Bearish and pushing to the downside
✔Price should retrace but only to the Broken Supply zone
✔Support zone broken and then expecting to be retested for confirmation
✔RSI is in hard bears Position so expect short opportunities
2200 PIP Analysis
here is a roadmap for gold based on fibo
fibo 50 area goes into the sma 100 area which is a strong resistance area and will continue the downtrend
if the price breaks the 0.618 area and closes above that area, cut loss and look for a setup to buy
trade at your own risk
Gold has been spiked down and up very quickly in 1 day.
we see a respected support area as pointed on the chart.
we have 2 touches already and also a Descending triangle has been formed.
We are waiting how the price reacts on the support area and will look for a buy or a sell , depends on if the area is going to be respected or not.
Here is a shorter timeframe view on GOLD.
A few days ago I posted an analysis on GOLD but on bigger timeframe to let you see the overall market of the market from my point of view. I believe the market ended it's correction at 1764 to begin a Wave 1 which have been a leading diagonal. From the 1959 high, the market began a corrective ZIGZAG pattern with a FLAT as...
Gold has seen a rather strong selling pressure in recent weeks mainly due to the USD's strength and the continuous rise of the bond market, especially at the beginning of this year. Today's sharp drop after the Initial Jobless Claims put on a stronger risk-on sentiment on the stock markets, only made the short-term picture worse making Gold buyers panic....
TVC:GOLD - this is plan is similar from before but there is double bottom confirmation from the chart and we wait for the gold retrace to 0.618 like my plan before and prepare to entry in there area. and i have 2 target that is first target and final target, my first target is 1902 and my final is 1.618 or 1915. and the stochastic indicator already hit the...
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In the event that it tested the resistance and the previous exo will move to the downside to the aforementioned support area.
Here is the full analysis for this pair, let me know in the comment section below if you have any questions, the entry will be taken only if all rules of the...