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
The market situation seems to have both bullish and bearish participants.
However, recently, higher highs and higher lows have formed, indicating an uptrend.
The previous high is acting as resistance, causing a pullback.
4-Hour
The price was consolidating around the starting point of the recent high,
but then broke down with a candlestick body.
On the 4-hour timeframe as well, the sellers appear to be stronger.
1-Hour
The market is in a range-bound state.
There is a sense of indecision among market participants.
Trade Strategies
Strategy①
Ideally, wait for the price to pull back to the upper boundary of the range before entering a short position.
If the downward momentum is strong and the range’s lower boundary is broken, consider a breakout short entry.
Strategy②
Looking to capture the third wave down on the 4-hour chart.
Although the second wave may continue to consolidate sideways,
there’s a possibility that the price will briefly break upward out of the range as part of a corrective move.
In that case, I won’t be aiming for a long entry — I’ll be watching for a short entry opportunity instead.
Strategy③
If price breaks below the lower limit of the range, consider a short trade in the short term.
