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 is now rising again near the previous high.
Daily
Uncertain whether to view the market as 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.
4-Hour
The daily resistance line is being strongly respected.
The 4-hour chart has broken the recent high with wicks several times, but there is no update with candle bodies yet.
1-Hour
Uptrend.
The swing low is unclear.
The 4-hour high line has been broken with a candle body.
Trade Strategies
Strategy①
Expect a breakout above the daily resistance line and buy on pullbacks.
Watch price action around support levels on the 1-hour chart.
Strategy②
If a larger correction comes, consider going long expecting support near the previous 4-hour high or swing low.
Postscript Trade Strategies
Strategy①
Short-term downward momentum is strong, so target the 3rd wave down on the 1-hour chart.
Wait for the end of the 2nd wave correction and enter as high as possible.
