EWT: DAILY TF
Gold hit a peak of $5419 in early March and has been falling since then. Right now, XAUUSD is trying to move up slightly, but it looks more like a temporary bounce than a real recovery. Gold is forming a flat formation.
Waves 1 through 4 have already played out, and the market now appears to be setting up for the final move: Wave 5 to the downside. After Wave 5 is complete, XAUUSD is likely to start moving upward.
A breakout of the channel with strong volume could bring buyers into the market. Until then, price is likely to move lower toward the Wave (A) level.
Global Sentiment:
The overall market mood is cautious. A strong US dollar, rising interest rates, and higher oil prices are putting pressure on gold. News like war or tensions can push gold up for a short time, but for now, the upside looks limited unless something big changes in the market.
By BrightRally_Research
Gold hit a peak of $5419 in early March and has been falling since then. Right now, XAUUSD is trying to move up slightly, but it looks more like a temporary bounce than a real recovery. Gold is forming a flat formation.
Waves 1 through 4 have already played out, and the market now appears to be setting up for the final move: Wave 5 to the downside. After Wave 5 is complete, XAUUSD is likely to start moving upward.
- Immediate Resistance: 4800
- Immediate Support: 4500
A breakout of the channel with strong volume could bring buyers into the market. Until then, price is likely to move lower toward the Wave (A) level.
Global Sentiment:
The overall market mood is cautious. A strong US dollar, rising interest rates, and higher oil prices are putting pressure on gold. News like war or tensions can push gold up for a short time, but for now, the upside looks limited unless something big changes in the market.
By BrightRally_Research
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Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.