GOLD Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
Still making new highs.
Recently consolidating, but now rising again near the previous high.
Daily
Uptrend.
The previous high is acting as resistance and price has bounced off it.
4-Hour
The recent high on the 4-hour chart has been broken several times by wicks, but no candle body has closed above it yet, so the uptrend continues.
Price has fallen back near the last swing low.
Wicks have broken below, showing strong selling pressure.
1-Hour
Price has broken the 4-hour swing low with wicks, but the candle bodies have not closed below it on the 1-hour chart.
Currently, price is consolidating with strong sideways movement, forming a range.
Trade Strategies
Strategy①
Short-term selling pressure appears strong, so wait for price to rise to the upper limit of the 1-hour range and consider shorting.
Strategy②
If price breaks above the upper limit of the 1-hour range, consider going long.
Strategy③
If price breaks below the lower limit of the range, consider a short trade in the short term.
