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 starting point of the highest high has been broken to the downside, and a downtrend is now in place.
Wave 1 of the downtrend has formed, followed by a sideways correction in Wave 2. It is currently believed that the market is in Wave 3.
1-Hour
Recently, the market was consolidating in a tight range, but it has broken to the downside.
Trade Strategies
Strategy①
Since the market is currently in a downtrend, it’s best to wait for a pullback before entering a short position.
The idea is to capture the 4-hour chart’s Wave 3 of the downtrend.
If the price continues to fall without a pullback, it’s better to stay on the sidelines and observe.
Strategy②
If the price breaks through a potential support line on the 4-hour chart, a short position will be considered targeting the next support level.
Strategy③
If a clear Wave 3 of the downtrend appears on the 4-hour chart, wait for the pullback of Wave 4 and then aim to capture Wave 5.
