Gold CMA Analysis in H1 Timeframe

Current Market Analysis :

Gold prices surge due to inflation concerns and central bank policies, attracting strong buying interest.

Key Levels :

1. Breakout Zone : $2633
2. Support Level : $2608
3. Target Levels : $2608 - $2604

Elliott Wave Analysis :

Elliott triangle wave ABCDE identified, spanning from $2633 to $2604, suggesting potential reversal or continuation.

Wave Details :

1. Wave 0 : $2633
2. Wave A : $2633 - $2613
3. Wave B : $2613 - $2626
4. Wave C : $2626 - $2615
5. Wave D : $2615 - $2633
6. Wave E : $2633 - $2604

Technical Indicator SMA : 50-period SMA at $2635, indicating bearish trend.

Risk Management :

1. Stop-Loss : $2640
2. Position Sizing : Manage position size to avoid over-exposure.
3. Risk-Reward Ratio : 1:2 or 1:3.

Best wishes Tom 😎