GOLD Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
Uptrend.
It’s unclear whether the market is currently in a pullback phase or continuing higher.
The weekly chart lacks clear pullbacks, with consecutive candlesticks forming what appears to be a range.
Daily
Although a lower-high, lower-low wave can be seen recently, the overall movement is a bullish range within a large price range.
After rebounding at the previous high, the market has formed a higher-high, higher-low uptrend.
4-Hour
Uptrend.
There was a temporary reaction at the origin of the most recent low, but price eventually broke above it, confirming an uptrend with higher highs and higher lows.
This could potentially be wave 5.
However, there is a possibility of a pullback occurring.
1-Hour
Uptrend.
Currently in a correction phase, and it remains to be seen whether wave 5 will appear.
Price has broken below the range of wave 4, and it may continue falling to the horizontal support line near the 1-hour origin.
Trade Strategies
Strategy①
Trend-following long in line with the 4-hour and 1-hour uptrend.
Wait for price to pull back near a likely horizontal support level, and enter long when the short-term trend reverses.
Strategy②
Fade the sharp move to the left by entering a short.
If the 5-minute chart confirms a break below the swing low that formed the highest high, consider jumping in for a quick short.
