GOLD Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
The market is in an uptrend.
However, it has not broken the recent high and is currently consolidating in a tight range.
Daily
The market outlook—whether bullish or bearish—depends on how the most recent swing high is identified.
Recently, higher highs and higher lows have formed, indicating an emerging uptrend,
but the price has hit a key resistance level and is currently pulling back.
It remains to be seen whether the price will continue to decline or attempt another move to the upside.
4-Hour
The market is in a downtrend.
Recently, there have been many small waves, and due to the heavy consolidation,
the most recent swing high is difficult to identify.
1-Hour
The market is quite choppy and messy.
Trade Strategies
Strategy①
Viewed broadly on the 4-hour chart, this can be interpreted as the 4th wave of the Elliott Wave,
so a short entry targeting the 5th wave is planned.
Strategy②
This is not a market to actively target long entries,
so consider going long only if the price clearly breaks above the current consolidation zone.
Strategy③
If the recent low on the 1-hour chart is broken, consider a short entry on the lower timeframes.
