Gold Hits Key Support – Reversal Ahead or More Fall?

7 Apr

Gold(XAUUSD) has entered a Correction phase after losing its ascending channel. Now, if you are in a Short position, this post will help you know where to take profit on your position or if you are looking for a Long position for gold, what area is suitable.

Gold is approaching an important Support zone($2,956-$2,917) that I don't think can be broken within a first attack. What do you think?

In terms of Elliott waves, Gold appears to be completing a bearish wave 5, which appears to be able to complete at the Support zone($2,956-$2,917).

I expect Gold to start rising again from the Support zone($2,956-$2,917) and to at least rise to $3,000 again and get close to the Resistance zone($3,058-$3,021). It is likely to fall again after this move.

In your opinion, has Gold started a major correction, and to what price can this correction continue?

Note: If Gold can touch $2,890, we can expect further declines.

Note: Because the downward momentum is currently high, it is likely that wave 5 will also complete near $2,913, and we will see a fake break of the Support zone($2,956-$2,917).

Gold Analyze ( XAUUSD ), 4-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).

Please follow your strategy; this is just my idea, and I will gladly see your ideas in this post.

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8 Apr

Dagangan aktif

Long Trade was activated near the Support zone($2,956-$2,917) and touched the target.

For now, Short position was activated.

9 Apr

Dagangan ditutup: sasaran tercapai

Although gold did not penetrate the Support zone($2,956-$2,917), it touched it.

The long target was touched, and now it seems that gold has managed to break the Resistance zone($3,058-$3,021).