Long

XAU/USD 07.12.24

Updated

Hello Traders,

For the upcoming week, I anticipate overall bullish momentum. Last week, we may have observed a potential (1)-(2) wave formation. On Friday, a smaller 1-2 wave pattern seemed to emerge on lower timeframes (marked in yellow).

A break below the yellow Fibonacci level would support my earlier idea that we might first see an ABC structure within wave (2). However, I believe it's more likely that we have already hit the low for wave (2).

This is my outlook for the week ahead:
The dollar appears to be at a tipping point, where bears might start taking control.

Trade active

running in profit

Note

Hello Traders,
In the smaller timeframes, we created a 1-2-3-4 setup today within our larger wave (3), setting the stage for wave 5 tomorrow.

Note

s3.tradingview.com/snapshots/v/vMucfhf0.png 2710 is an important level the fib extensions cross over. I would take there first profits.

Note

Another 300pips for today. Slowly we getting in sell areas. Be wary!

Trade closed: target reached

2711 tp trade done .

NeptenFX

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