Support Under Siege – Is Gold Ready for Another Leg Down?
As I expected in the previous idea, Gold(
XAUUSD) rose to $3,343 on the 1-hour time frame, but failed to break the Resistance zone($3,350-$3,326) and started to fall with relatively good momentum.
Do you think Gold can finally break the Support zone($3,312-$3,280) and Support lines, or will it rise again?
Gold is currently trading in the Support zone($3,312-$3,280) and near the Support lines. It has also managed to break the downtrend line.
In terms of Elliott Wave theory on the 15-minute time frame, Gold appears to be completing a main wave 4. The main wave 4 appears to follow Double Three Correction(WXY). Also, the main wave 3 is extended due to the high downward momentum.
I expect Gold to start falling again by entering the Potential Reversal Zone(PRZ)[$3,312-$3,304] or Resistance zone($3,302-$3,296) and eventually breaking the Support zone($3,312-$3,280) and Support lines, Gold's falling targets are clear on the chart.
Note: Stop Loss (SL) = $3,313
Gold Analyze (XAUUSD), 15-minute time frame.
Be sure to follow the updated ideas.
Do not forget to put a 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.
XAUUSD) rose to $3,343 on the 1-hour time frame, but failed to break the Resistance zone($3,350-$3,326) and started to fall with relatively good momentum.Do you think Gold can finally break the Support zone($3,312-$3,280) and Support lines, or will it rise again?
Gold is currently trading in the Support zone($3,312-$3,280) and near the Support lines. It has also managed to break the downtrend line.
In terms of Elliott Wave theory on the 15-minute time frame, Gold appears to be completing a main wave 4. The main wave 4 appears to follow Double Three Correction(WXY). Also, the main wave 3 is extended due to the high downward momentum.
I expect Gold to start falling again by entering the Potential Reversal Zone(PRZ)[$3,312-$3,304] or Resistance zone($3,302-$3,296) and eventually breaking the Support zone($3,312-$3,280) and Support lines, Gold's falling targets are clear on the chart.
Note: Stop Loss (SL) = $3,313
Gold Analyze (XAUUSD), 15-minute time frame.
Be sure to follow the updated ideas.
Do not forget to put a 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.
تم فتح الصفقة
Short Position was activated
Due to the upward momentum of #gold yesterday, I did not activate the position.
أغلقت الصفقة: تم الوصول للهدف
Target Done
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🎁 Free VIP Forex and Crypto Signals, please visit:
🔗 t.me/ProTrader_365
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-----
🎁 Free VIP Forex and Crypto Signals, please visit:
🔗 t.me/ProTrader_365
منشورات ذات صلة
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.