Last week, Gold(
XAUUSD) exhibited sharp movements, both upward and downward, making trading quite challenging.
The key question is whether gold will continue its bullish trend.
Currently, gold is positioned near a resistance zone($4,231 – $4,215) and is moving close to significant support lines. Last week, gold created a bull trap above the resistance zone($4,231 – $4,215).
From an Elliott Wave perspective, it appears that gold has completed wave 5 with an expanding ending diagonal and is now undergoing a pullback towards the lower line of this pattern.
Looking at the classic technical analysis on the 4-hour chart, there’s a potential double top formation, and the momentum from the second top is quite strong, suggesting that gold may break through the support lines and confirm the double top pattern.
On the other hand, factors like the DXY Index(
DXY) and the US 10-Year Government Bond Yield(
US10), which are currently bullish, could exert downward pressure on gold.
Considering all these points, I expect that gold will break through the support lines and potentially move down to $4,167.
Note: If gold breaks through the support zone($4,185 – $4,133), we can expect further declines.
First Target: $4,167
Second Target: $4,127
Stop Loss(SL): $4,247(Worst)
Points may shift as the market evolves
------------------------------------------------
We should also keep in mind that several important US economic indicators will be released this week, which could significantly impact market direction. So be extra cautious with your positions, especially during data releases:
JOLTS Job Openings➡️09 December
Federal Funds Rate➡️10 December
FOMC Statement➡️10 December
FOMC Press Conference➡️10 December
Unemployment Claims➡️11 December
------------------------------------------------
💡 Please respect each other's opinions and express agreement or disagreement politely.
📌 Gold Analyze (XAUUSD), 4-hour time frame.
🛑 Always set a Stop Loss(SL) for every position you open.
✅ This is just my idea; I’d love to see your thoughts too!
🔥 If you find it helpful, please BOOST this post and share it with your friends.
XAUUSD) exhibited sharp movements, both upward and downward, making trading quite challenging. The key question is whether gold will continue its bullish trend.
Currently, gold is positioned near a resistance zone($4,231 – $4,215) and is moving close to significant support lines. Last week, gold created a bull trap above the resistance zone($4,231 – $4,215).
From an Elliott Wave perspective, it appears that gold has completed wave 5 with an expanding ending diagonal and is now undergoing a pullback towards the lower line of this pattern.
Looking at the classic technical analysis on the 4-hour chart, there’s a potential double top formation, and the momentum from the second top is quite strong, suggesting that gold may break through the support lines and confirm the double top pattern.
On the other hand, factors like the DXY Index(
DXY) and the US 10-Year Government Bond Yield(US10), which are currently bullish, could exert downward pressure on gold.Considering all these points, I expect that gold will break through the support lines and potentially move down to $4,167.
Note: If gold breaks through the support zone($4,185 – $4,133), we can expect further declines.
First Target: $4,167
Second Target: $4,127
Stop Loss(SL): $4,247(Worst)
Points may shift as the market evolves
------------------------------------------------
We should also keep in mind that several important US economic indicators will be released this week, which could significantly impact market direction. So be extra cautious with your positions, especially during data releases:
JOLTS Job Openings➡️09 December
Federal Funds Rate➡️10 December
FOMC Statement➡️10 December
FOMC Press Conference➡️10 December
Unemployment Claims➡️11 December
------------------------------------------------
💡 Please respect each other's opinions and express agreement or disagreement politely.
📌 Gold Analyze (XAUUSD), 4-hour time frame.
🛑 Always set a Stop Loss(SL) for every position you open.
✅ This is just my idea; I’d love to see your thoughts too!
🔥 If you find it helpful, please BOOST this post and share it with your friends.
Transaction en cours
Trade was activated
Note
Less than 30 minutes left until the release of the Federal Funds Rate.Volatility may continue until the FOMC Press Conference.
Trade fermée manuellement
Risk Free was touched.Because the interest rate was being announced and I warned you about it, I risked my gold position, and there was a lot of excitement when the interest rate was announced and the FOMC.
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🎁 Free VIP Forex and Crypto Signals, please visit:
🔗 t.me/ProTrader_365
Publications connexes
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
🚀 Up to 75% Trading Fee Rebates Across 20+ Exchanges:
🤖 t.me/Protrader365bot
-----
🎁 Free VIP Forex and Crypto Signals, please visit:
🔗 t.me/ProTrader_365
🤖 t.me/Protrader365bot
-----
🎁 Free VIP Forex and Crypto Signals, please visit:
🔗 t.me/ProTrader_365
Publications connexes
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.