Gold Bounces After Fake Break — More Upside Ahead

9 Mei

Gold(XAUUSD) fell to the Support zone($3,280-$3,240) as I posted yesterday (Full Target).

Gold started to rise again after making a Fake Break below the Support lines.

Gold is trading above the Resistance zone($3,330-$3,320).

In terms of Elliott Wave theory, it seems that Bitcoin completed the main wave C with the help of the Ending Diagonal.

Educational note: The Ending Diagonal in Classic Technical Analysis is the Falling Wedge Pattern.

I expect Gold to resume its bullish trend, at least for the short term, and to at least $3,356.

Note: If Gold breaks the Support lines with high volume, we can expect further declines.

Note: Worst Stop Loss(SL) = $3,031

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).

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9 Mei

Nota

Note: Worst Stop Loss(SL) = $3,301 = The main text incorrectly stated $3,031.

12 Mei

Dagangan ditutup: hentian tercapai

The United States has dropped its tariffs on Chinese goods to 30%, down from a brutal 145%, while China is slashing its own duties on US imports to just 10%, temporarily, for the next 90 days.

After this news, Gold began to decline as a safe-haven asset, and US stock indexes(like the SPX500 Index) began to pump as the news was announced.