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!?
--------------------------------------------------
Gold ( OANDA:XAUUSD ) is moving in the Potential Reversal Zone(PRZ) 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.
