GOLD Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
Still making new highs.
Recently, price has been consolidating but may be rising again near the previous high.
Daily
Uncertain whether the price is still bullish within the 2965 to 3500 range, or bearish within the 3125 to 3435 range.
If the daily closes above around 3435, there is a high chance it will rise toward the previous high.
The strength between sellers taking profits now and buyers expecting further gains is key.
4-Hour
Price has risen to the daily resistance line.
Upward momentum is strong with no significant recent pullbacks.
Watch price action carefully to identify which price levels will act as support or resistance.
1-Hour
Uptrend.
Currently in a correction phase, so if entering long, wait patiently for a proper pullback.
Trade Strategies
Strategy①
Identify the end of the pullback before entering long.
Observe price action around potential support zones.
Strategy②
If a range forms on lower timeframes at the current price area, consider entering from the base expecting a breakout, or join after a breakout occurs.
Strategy③
Although this is a counter-trend trade against the 4-hour and 1-hour charts and carries higher risk, aim to short the recent sharp rise during its correction.
