Gold is making HH and HL with bullish trend and currently divergence is not seen. Buy areas can be at 2765 and 2768.9 with SL at 2751 and TP1 2785.9 TP2 2796.5.
#XAUUSD OANDA:XAUUSD
Sharing it for analysis only.
Gold has shown the divergence in downward trend on 15M chart giving probability of reversal, If Gold breaks structure of 2754.5 in upward trend, a buy trade can be taken. Trade to be only taken if price breaks the structure after confirmation of 2 candle closing and once price retraces back near 2754.5 to 2748. with TP 2771 and SL 2736.
If gold is bought at 2748...
As shared probability in the last analysis, gold is still showing an upward trend in H1 timeframe making HH and HL as per Dow theory, however it has showed a divergence in M15 timeframe. Good buy zone will be around 2708 with SL at 2691 and TP1 at 2726 and TP2 2742.
Weekly and Monthly timeframes also suggesting a strong bullish trend. If price breaks below 2691...
Gold is in up trend in weekly timeframe as well as in hourly making HH and HLs. It can be bought at current price if current hourly candle engulfs with SL 2669 TP1 2696 TP2 2715.
In daily time frame, gold is making pennant an expected trend continuation combining with trend in weekly.
I am sharing it for analysis only.
OANDA:XAUUSD
OANDA:XAUUSD Gold is showing bullish trend in weekly time frame, making HH and HL and showing probability of making fifth wave as per Elliot theory around 3068 if we apply Fib numbers once it breaks level of 2788.
On weekly timeframe buying may be done after breakout above 2788 with SL 2556, TP 1 3020 as per harmonics.
No divergence is found on weekly...
