Market broke previous all time high and made new one. Election euphoria is coming next month with trade deal and corona virus vaccine.
After breaking ascending tend line breakout gold is reaching another suppport
GBP USD has found support at multiple support zone.
After monday sell off among many assets class including bitcoin. We expect correction which has made bearish flag pattern.
After big bearish trend this stock is making correction wave before making any significance move breakout above 1932/1951 will bring bullish sentiment back.
Gold has made descending triangle chart pattern. Take sell entry with SL @1967 near Yellow descending trend line and TP @ 1863. breakout of yellow horizontal line will confirm bearish trend ie wave c of primary trend form all time high.
Multiple chart pattern trading strategy. Elliott wave analysis : trading head and shoulder, parallel channel, trend line, fibonnaci, breakout.
Gold has broke out parallel channel .
After making new all time high gold has gone into correction face. The pattern made by correction wave are hard to identify until they are competed and about to end. We can expect an ending diagonal in c wave of abc correction of 4th wave. Since 2nd wave was simple abc correction hence complex is expected in 4th wave before making new all time high.
Gold was trading inside a parallel channel this channel is now broken after 5th reversal. it may retest this channel again for second chance with SL 1921 and first bullish confirmation at 1951
important support and resistance for gold to broke before making any significance move
Gold 15min chart Elliott wave analysis
gold is now in correction face. on h4 we have multiple chart patter like yellow ending diagonal which gives sell signal and blue parallel channel which shows more room for bulls after 2015 horizontal resistance. it depends on h4 candles
After making new all time high gold is now in correction face. this abcde correction is about to end. this third leg of gold will send it to 1800
Visual guide on how to trade gold with candle stick pattern. Candle stick support and rejection strategy
bitcoin is trading in this parallel channel. breakout will confirm bulls rally
1906 the horizontal support and blue ascending trend line are holding gold further decline. Once both level are broken seller will target for 1862 and 1818