Gold Breaks Uptrend Line! Is a Reversal or New ATH Coming?
The mixed PMI data(Flash Manufacturing and Flash Services) from the U.S. reflects contradictory signals, likely leading to short-term Gold price volatility without significantly affecting its main trend. What is your idea!?
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Gold(
XAUUSD) is moving in the Potential Reversal Zone(PRZ)[$2,793-$2,777] and Time Reversal Zone(TRZ) and managed to break the Uptrend line.
According to the theory of Elliott waves, it seems that 5 impulsive waves have ended, and we have to wait for corrective waves.
Another sign of Gold correction can be the formation of a Shooting Star Candlestick Pattern (with high volume) and, next to it, a confirmation candle in the 1-hour time frame.
Educational Tip: The larger the volume of the candle, the more valid the candle and the pattern it forms.
Also, we can see the Regular Divergence(RD-) between Consecutive Peaks.
In terms of Classical Technical Analysis, we can expect the formation of a Head and Shoulders Pattern. (It is better to wait for the formation of the right shoulder).
I expect Gold to attack the Support zone($2,764-$2,757) and Uptrend lines soon, and if they break, we can expect Gold to fall to the Support lines.
Can Gold make a new All-Time High(ATH)!? Please share your ideas in the comments.
Note: We can expect more pumps if Gold goes over $2,794.
Be sure to follow the updated ideas.
Gold Analyze ( XAUUSD ), 1-hour time frame.
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy; this is just my idea, and I will gladly see your ideas in this post.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
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Gold(
XAUUSD) is moving in the Potential Reversal Zone(PRZ)[$2,793-$2,777] and Time Reversal Zone(TRZ) and managed to break the Uptrend line.According to the theory of Elliott waves, it seems that 5 impulsive waves have ended, and we have to wait for corrective waves.
Another sign of Gold correction can be the formation of a Shooting Star Candlestick Pattern (with high volume) and, next to it, a confirmation candle in the 1-hour time frame.
Educational Tip: The larger the volume of the candle, the more valid the candle and the pattern it forms.
Also, we can see the Regular Divergence(RD-) between Consecutive Peaks.
In terms of Classical Technical Analysis, we can expect the formation of a Head and Shoulders Pattern. (It is better to wait for the formation of the right shoulder).
I expect Gold to attack the Support zone($2,764-$2,757) and Uptrend lines soon, and if they break, we can expect Gold to fall to the Support lines.
Can Gold make a new All-Time High(ATH)!? Please share your ideas in the comments.
Note: We can expect more pumps if Gold goes over $2,794.
Be sure to follow the updated ideas.
Gold Analyze ( XAUUSD ), 1-hour time frame.
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy; this is just my idea, and I will gladly see your ideas in this post.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
Trade active
I opened a short position when Gold touched $2,774(before the market closed).Trade closed: target reached
My first Target is Done. I will wait for the full target, and you can risk-free your position if you want to hold it.
All analytical items(PRZ,TRZ, Patterns,etc) performed well
Note
Full Target Done
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👑Real & Accurcy Free & VIP Signals👉 t.me/ProTrader_365
🎁Get a 20% Discount on your trading FEE on BYBIT:👉partner.bybit.com/b/PEJMANZWIN
🎁Get a 20% Bonus & 30% Discount on LBANK exchange(NO KYC)👉lbank.one/join/uBythQd
🎁Get a 20% Discount on your trading FEE on BYBIT:👉partner.bybit.com/b/PEJMANZWIN
🎁Get a 20% Bonus & 30% Discount on LBANK exchange(NO KYC)👉lbank.one/join/uBythQd
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.