Gold= Breaks Resistance by Bullish Patterns + Geopolitical Boost

2 Jun

Gold(XAUUSD) touched $3,337 as I expected in my previous idea.

Gold has now managed to break the Resistance lines and is trying to break the Resistance zone($3,387-$3,357).

From a Classic Technical Analysis perspective, two Bullish Reversal Patterns are clearly visible on the Gold chart:

• Descending Broadening Wedge Pattern
• Inverse Head and Shoulders Pattern

According to Elliott Wave theory, by breaking the Resistance zone($3,387-$3,357), we can confirm the start of an impulsive wave.

Also, given the increasing tension between Ukraine and Russia in recent days, there is a possibility that the price of Gold will increase due to the increased tensions.

I expect Gold to start rising again after a pullback to the neckline and resistance lines, and after breaking the Resistance zone($3,387-$3,357), to rise to the target I have indicated on the chart.

Note: If Gold touches $3,299[Worst Stop Loss(SL)], we should expect further declines.

Note: There is a possibility of emotional movements in the chart today when Fed Chair Powell speaks.

Gold Analyze ( XAUUSD ), 2-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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3 Jun

Dagangan aktif

Position activated in Potential Reversal Zone(PRZ)

5 Jun

Dagangan ditutup: sasaran tercapai

Targets Done