As I expected, after Monday's local low, Gold has started to correct.
At this point, the yellow metal is trading in a very strong resistance zone. A confluence of the horizontal, descending trend line and confirmation of the long-term ascending trend line.
A short position here can have more than 1:5 R:R if we target 1680 support
On the other hand, Gold back above...
Hello traders, Gold in 4-hour timeframe, this analysis is prepared in 4-hour timeframe, but has been published for a better view in 8-hour timeframe.
In gold, we were probably inside wave 2, which zigzagged and completed its last wave, wave c .
Within wave c the wave count is performed in such a way that it has the most normal count.
The c microwave wave, wave 3,...
Hello traders, GOLD in 1-hour timeframe, this analysis was prepared in 1-hour timeframe but has been published for a better view in 2-hour timeframe.
According to the previous analysis, we expected to climb for wave 4, and this is what happened.
Many Elliottists consider this ascent to be the beginning of Wave 3, but we preferred to distinguish this wave from Wave...
Hey traders, here is the analysis for the XAUUSD. Let me know if you guys have any questions in the comment section. If you guys like my analysis please hit like. Thanks. NOTE - Please do your own analysis before taking the trade.
XAUUSD (GOLD) TIMEFRAME H1
BUY PLAN SUMMARY :
BUY AREA = 1760.0 - 1765.0
SL = 1755.0
TP1 = 1775.0
TP2 = 1785.0
TP3 = 1795.0
RR
TP 1 = 1:1
TP 2 = 1:2
TP 3 = 1:3
The summary of the buy plan above is an Swing trade plan and it should be noted that this scenario provides a point of view, not a necessity to open a position, thank you.
GOOD LUCK
(DISCLAIMER ON)
Fundamental View:
The current fundamental situation is supportive for Gold. After announcing that it would pay the bond interest due on Thursday, China's struggling property giant Evergrande Group eased concerns about the company's impending bankruptcy. The Chinese central bank also injected cash into the banking system, which helped to increase the global risk...
Since we saw that gold initially spiked after the FED announced that they weren't going to be tapering until 2023, this is fundamentally long term bearish for gold due to its property as an inflation hedge. However since there will be no tapering until 2023, this is short term bullish for gold, this is why markets initially responded to buying gold, short term...
Hello Traders! Check Related Idea for market context!!
I will update my idea as the trade progresses if any changes occur and my analysis is wrong, or need to be adapted to the new development of price-action.
Thanks for the...
Gold is still on-trend bearish.
Price may create correction before continue bearish.
Scenario
If 1784 Breakout, possible retest the trend line about 1806-1809.
wait for rejection and price action come to sell area.
Manage money management wisely
Good luck
It looks like Gold Run ending for the day and it can go down to 1758.447. This current uptrend was a little correction in the long down trend. Thought it can go little more upside around 1785.886 before moving down.
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I found some strange price action on gold which was not as expected in my last weekly analysis. This video shows a quick update on price action expecting on upcoming FOMC meeting. Suddenly chart turn to bullish however we required a lower low before continue upside. Please watch the video for explanation.
Hello traders, GOLD in 1-hour timeframe, this analysis was prepared in 1-hour timeframe but has been published for a better view in 2-hour timeframe.
Gold is in the range that the two middle lines of the channel have crossed.
Wave 4 with a relatively normal correction, ie the same range, can start wave 5 to build a price floor.
However, due to the structure of...
Hello traders, Gold in daily timeframe , this analysis has been prepared in daily timeframe but has been published for a better view in 2 day timeframe.
Let me review the scenario we considered for gold and this side-by-side trend:
The scenario was that wave (3) was over and now structures for wave 4 are being formed.
We considered this correction structure as a...
In yesterday's comment, I said that Gold can correct, and it did. After reaching a low at 1741, XauUsd started to rise and went above 1765. However, the rise was anemic and without power.
The medium-term trend is strongly bearish and I m looking to sell rallies.
A spike above 1765 is not out of the question, but I believe this will be a false break just to clear...
