GOLD Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Monthly
Uptrend. Unclear how far the price will rise.
Weekly
Uptrend, possibly approaching a correction phase.
Daily
Uptrend.
Since the last swing low hasn’t been broken, the bullish outlook remains.
The price has bounced off a resistance-turned-support level and is moving upward.
4-Hour
Overall, a downtrend.
However, recently the last swing high was broken, initiating a new uptrend.
There’s a possibility of forming a head and shoulders pattern at the top of the channel.
1-Hour
Overall uptrend, but a short-term downtrend has formed with lower highs and lows.
The trendline has also been broken.
Trade Strategies
Strategy①
Short in line with the broader downtrend on the 4-hour chart and the current short-term downtrend on the 1-hour chart.
Target the 5th wave down on the 1-hour chart.
Since the price is currently retracing close to the end of wave 1, wait for a trend reversal on the lower timeframes before entering short.
Strategy②
If the price bounces off the last swing low on the 4-hour chart and breaks above the neckline on the 1-hour chart, wait for a pullback to a horizontal support line and go long.
Target the price zone that is significant on the 4-hour chart.
