Gold Price Analysis 19-08-2024
Daily Timeframe 📅
🔍 Trend: Gold has been in a strong uptrend, recently pushing into a key resistance zone above 2500.
Elliott Wave: Currently in Wave 3.
💡 Key Levels:
Resistance: 2,510 (recent high). Watching for targets at 2,550 (161.8% Fib extension) and possibly 2,700.
4-Hour Timeframe ⏰
🚀 Trend: The bullish trend continues, with a recent breakout above an ascending triangle. The price is now pulling back to key support zones.
💡 Key Levels:
Support: Area around 2,471 (FVG, breaker, and 50% Fibonacci confluence).
30-Minute Timeframe 🕒
🔄 Wave Structure: Currently in subwave 4 of a larger Wave 3. We’ve completed waves A and B, and are now forming wave C.
💡 Key Levels:
Fibonacci Support: Area around 2,472 (61.8%), aligning with higher timeframe confluence.
📊 Scenarios:
Bullish: If the price bounces from the 50% or 61.8% retracement levels, expect a rally toward 2,550 as Wave 5 targets the 161.8% Fib extension.
Bearish: Failure to hold the 61.8% level could lead to a deeper pullback, but this would likely be a buying opportunity as we prepare for Wave 5.
🎯 Overall Summary:
Gold remains in a bullish trend but is currently in a corrective phase. I'm looking for buying opportunities around the 50% retracement level on the daily chart or the FVG/confluence zone on the 4-hour and 30-minute charts. My target is the resistance zone around 2,550, with a potential move up to 2,700 in the longer term.
Disclaimer: Trading involves risk. This analysis is not financial advice. Trade at your own risk.
🔍 Trend: Gold has been in a strong uptrend, recently pushing into a key resistance zone above 2500.
Elliott Wave: Currently in Wave 3.
💡 Key Levels:
Resistance: 2,510 (recent high). Watching for targets at 2,550 (161.8% Fib extension) and possibly 2,700.
4-Hour Timeframe ⏰
🚀 Trend: The bullish trend continues, with a recent breakout above an ascending triangle. The price is now pulling back to key support zones.
💡 Key Levels:
Support: Area around 2,471 (FVG, breaker, and 50% Fibonacci confluence).
30-Minute Timeframe 🕒
🔄 Wave Structure: Currently in subwave 4 of a larger Wave 3. We’ve completed waves A and B, and are now forming wave C.
💡 Key Levels:
Fibonacci Support: Area around 2,472 (61.8%), aligning with higher timeframe confluence.
📊 Scenarios:
Bullish: If the price bounces from the 50% or 61.8% retracement levels, expect a rally toward 2,550 as Wave 5 targets the 161.8% Fib extension.
Bearish: Failure to hold the 61.8% level could lead to a deeper pullback, but this would likely be a buying opportunity as we prepare for Wave 5.
🎯 Overall Summary:
Gold remains in a bullish trend but is currently in a corrective phase. I'm looking for buying opportunities around the 50% retracement level on the daily chart or the FVG/confluence zone on the 4-hour and 30-minute charts. My target is the resistance zone around 2,550, with a potential move up to 2,700 in the longer term.
Disclaimer: Trading involves risk. This analysis is not financial advice. Trade at your own risk.
Disclaimer
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