Shooting star on the one day time-frame. A possible drop from around 1799 to a 1790 position.
the 1821 support and resistance was hit but did not manage to break it
XAUEUR has broken the support level of 1780 during the NY session last night.
The Asian session saw a pull back and would have a good chance of continuing to the downside.
I have shorted already.
SL and TP as on chart.
price got to the pd array now we waiting to buy discount prices for the next move up. you can get in at the area highlighted limits and stops are your friend dont buy at market price.
The current structure is in the sub-wave B of the 4th wave. Since the 4th wave A is a simple wave, the B wave is a complex wave. When the B wave ends, the C wave starts.
Because the third sub-wave of the third wave is prolonged, the fifth sub-wave is no longer prolonged, the third wave has ended, and the callback of the fourth wave starts. Because the second wave is flat, the fourth wave is zigzag or flat. According to whether the first sub-wave of the fourth wave is 5 or 3, the final target position is determined.
Russia's attack on Ukraine could slow global growth and raise new economic risks, but leading central banks remain focused on an inflation war that looks set to escalate. Europe may be the most vulnerable to a broader economic shock from war, but the ECB made clear on Thursday that the region could absorb the expected hit to economic growth but could not afford...
Analysis: This is a pure speculative technical view about GOLD using the fractal from BITCOIN after the COVid-19 market crash reversal. I am not saying that it is an impossible outcome, considering the LUMBER price rise/Palladium bull market. I am not sure how much time it should take for this RUN, but I will have a strong attention on GOLD and Silver for sure....
The geopolitical event has helped gold to set a new all time high (what would probably happen anyways at some point). Right now people are very scared, and are fomo buying commodities like metals, oil, gas futures, and so on... right at their all time highs. Think about it... they make retail investors sell equities at their local bottoms to FOMO buy commodities...
As can be seen on the chart, the XAU/EUR is in the middle of correcting a five-wave decline that should take prices towards 1615/25 before the resumption of the down move. Whether the move lower is the third wave of an impulsive decline or the C wave of a corrective decline doesn't matter, the XAU/EUR should go lower.
If the pair breaks above 1642, our analysis...
If price can succeed in breaking and closing above the 4hr high then you can wait for a retracement to discount area and lower time frame switch in trend from bearish to bullish
