XAU/USD 07.12.24

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

Also on:

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.

NeptenFX

Also on: