Gold is prepare for wave B
Updated
in short tern, 5min/15min chart, the price is testing the EMA 50, after break above, now retesting.
If successful with a good volume bar, We can predict the wave A had been formed and now for wave B up.
Be aware of incoming Federal Funds Rate and FOMC. if this event make a B wave. we can earn the C wave.
I like to take the B wave in the FOMC event if the Gold would not break recent low around 2642.
Else the correction A-B-C is invalid and we have to edit the elliott wave.
If successful with a good volume bar, We can predict the wave A had been formed and now for wave B up.
Be aware of incoming Federal Funds Rate and FOMC. if this event make a B wave. we can earn the C wave.
I like to take the B wave in the FOMC event if the Gold would not break recent low around 2642.
Else the correction A-B-C is invalid and we have to edit the elliott wave.
Note
Potential False Breakout:
Since the price is only slightly below the EMA, this could still be a “false breakout,” especially if there’s low volume supporting the move. It’s important to see if this level holds or if the price closes below it for several candles.
If buyers step in and push the price back above the 50 EMA, this could negate the breakdown and re-establish the bullish trend.
Note
You may want to watch for any nearby support levels, especially horizontal support from recent lows. If these levels hold, they could lead to a bounce back above the EMA.
If the price continues downward, breaking multiple support levels, it would suggest further bearish momentum.
Note
If the break below the 50 EMA is accompanied by high volume, it’s more likely to indicate genuine bearish momentum.
Conversely, if volume is low, it might suggest a lack of conviction among sellers.
Trade active
I am in long at 2659Note
Bulls are trying to take control, then the price is back to above EMA 100Note
In 5m Chart. The price action around the 100 EMA suggests some indecision or a potential false breakout for Bearish.Note
1. Support Hold and Bounce:
The first support level held successfully, indicating that buyers stepped in at this level. This level is acting as a strong support zone, providing a foundation for potential upward movement.
The bounce from this support level, combined with the move back above the 100 EMA, shows that buyers are currently maintaining control, at least in the short term.
2.Break Above the 100 EMA (in 5 min chart):
The price moving back above the 100 EMA is a bullish sign, especially after successfully testing the support.
This suggests that the previous move below the 100 EMA might have been a temporary dip, and the current bounce could indicate a potential continuation to the upside.
3. Higher Low Formation (in 5 min chart):
If the price forms a higher low at this support level, it could signify a potential trend reversal or at least a short-term uptrend.
This pattern suggests that buyers are willing to step in at higher prices, which often precedes a stronger bullish trend.
Summary
The support level held, and the price has reclaimed the 100 EMA, which is a positive sign for bulls. If this level continues to hold and the price forms higher highs and higher lows, there’s potential for further upside. Monitoring the 100 EMA, support levels, and overall volume will provide additional insights into the strength of this move.
Note
good news, we have higher high and higher low, positive for wave B begin.
I set the stoploss above the Long entry alittle bit.
Note
classic breakout and retest pattern for 5 mins triangleNote
2700 is my first targetNote
We Should take profit around 2700 as I will update the elliott in another Idea chart.Trade closed: target reached
closeed all at 2694.95
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