GoldvsUSD on the 1-hour timeframe, likely illustrating bearish T

Harmonic Pattern (XABCD):

X to A: Initial impulse down.

A to B: Retracement.

B to C: Another downward move.

C to D: Strong bullish leg forming the completion point (D), which signals a potential reversal zone.

Entry Zone:

Highlighted in red around the 3,240 area, suggesting the analyst expects price rejection or reversal here.

Target Zones:

Three horizontal levels marked as “target” align with liquidity zones, indicating areas where price might move towards after reversal due to stop-loss clusters or previous consolidation.

Support and Resistance:

Prior resistance at around 3,045 is now acting as a potential support zone.

Intermediate support and liquidity areas are layered as possible price action reaction zones.

Red Arrow:

Indicates the bearish bias or expected price drop after touching the entry zone.

Analysis Summary:

The chart suggests a short/sell setup at the current highs (around 3,240), with multiple downside targets down to 3,045.17. The harmonic pattern and the marked liquidity zones reinforce this bearish outlook, aiming to capture a retracement or reversal move.

INTRA_CLUB_FX

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INTRA_CLUB_FX

t.me/+JvtzJ96BmqRhN2Jk
Free Education & Signal Daily
Focus on Gold/XAUUSD
5 years of Experience
Global Gold Trader
Sharp Entry & Sniper Entry

Also on: