GOLD Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
Uptrend.
The price has risen significantly, so a correction could occur soon.
Currently, price is consolidating near the recent high.
Daily
Uptrend.
After a pullback to the previous high, price has bounced and resumed upward movement.
However, the most recent price action shows a series of lower highs and lower lows.
4-Hour
In the broader context, a downtrend.
Although a short-term uptrend had formed, the price broke below the last swing low near the top of the channel.
This current move may be the first wave down.
Ideally, wait for a pullback before targeting a wave 3 decline, but there’s also a chance the market could erase the recent rise in one sharp move.
1-Hour
Downtrend.
Price is making lower highs and lows, and the last swing low has also been broken — a clear bearish bias.
Trade Strategies
Strategy①
Look to sell on a pullback to the support-turned-resistance zone.
Aim for the next significant target level.
Wait for a trend reversal on the lower timeframes before entering a short position.
Strategy②
Wait for the 2nd corrective wave on the 4-hour chart, and then target the 3rd wave down.
Confirm a trend reversal on the lower timeframes that form the 4-hour structure before shorting.
Postscript Trade Strategies
Strategy①
Both the 4-hour and 1-hour charts show similar bearish wave structures.
As price pulls back to the previous swing high on the 4-hour chart, look for a trend reversal on the lower timeframes to initiate a short position.
