Technical Analysis of Gold (XAU/USD) on the 4-Hour Timeframe:
Based on the chart, gold has followed an Elliott Wave upward trend and is now showing signs of correction after completing the fifth wave. This correction could retrace to key support levels, with the most significant one being around $2,955. This level coincides with the previous fourth wave and may act as a strong support zone.
Technical Indicators:
✅ MACD: Shows a bearish signal as the MACD line is crossing below the signal line, indicating weakening bullish momentum.
✅ Stochastic: Is in the oversold region, suggesting a potential rebound if the price reacts positively to support.
Possible Scenarios:
📉 Bearish Scenario: If the price breaks below the $2,955 support level, a deeper correction could take it down to around $2,925 or even $2,900.
📈 Bullish Scenario: If the price finds support and bounces back, a new upward wave could emerge, potentially pushing it back toward $3,050 or higher.
Overall, the market is in a corrective phase, and traders should closely monitor price action at key support levels to determine the next potential move.
Based on the chart, gold has followed an Elliott Wave upward trend and is now showing signs of correction after completing the fifth wave. This correction could retrace to key support levels, with the most significant one being around $2,955. This level coincides with the previous fourth wave and may act as a strong support zone.
Technical Indicators:
✅ MACD: Shows a bearish signal as the MACD line is crossing below the signal line, indicating weakening bullish momentum.
✅ Stochastic: Is in the oversold region, suggesting a potential rebound if the price reacts positively to support.
Possible Scenarios:
📉 Bearish Scenario: If the price breaks below the $2,955 support level, a deeper correction could take it down to around $2,925 or even $2,900.
📈 Bullish Scenario: If the price finds support and bounces back, a new upward wave could emerge, potentially pushing it back toward $3,050 or higher.
Overall, the market is in a corrective phase, and traders should closely monitor price action at key support levels to determine the next potential move.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.