Gold Breakout Setup After Completing Correction

5 hari yang lalu

Gold(XAUUSD) fell to $3,963, as I expected in my previous idea.

Gold is currently moving near the lower line of the ascending and the Resistance zone($4,012 – $3,991). If Gold touches $4,003, we can expect a break of the Resistance zone($4,012 – $3,991).

In terms of Elliott Wave theory, it seems that the Zigzag Correction(ABC/5-3-5) of Gold in the form of wave 4 has been completed, and we can expect a rise in Gold in the coming hours after the break of the Resistance zone($4,012 – $3,991).

I expect Gold to break the Resistance zone($4,012 – $3,991) in the coming hours and rise to at least $4,047(First Target).

Second Target: Potential Reversal Zone(PRZ)[$4,150 – $4,074]

Stop Loss(SL): $3,918(Worst)

Support zone: $3,954 – $3,923
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Today, we’ll be watching two reports:

Prelim UoM Consumer Sentiment and Prelim UoM Inflation Expectations.

If we see a significant deviation from expectations, it could trigger noticeable volatility in Gold.
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Gold Analyze (XAUUSD), 1-hour 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).

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4 hari yang lalu

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