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
A short-term uptrend is currently in place, but some traders may still view the daily chart from a bearish perspective.
The future direction will likely depend heavily on whether the price breaks above or below the current range.
4-Hour
Since the price is moving around the middle of the daily range, it’s hard to get a clear sense of direction.
Currently, the bias is bearish, but I recognize that the Elliott Wave count has already reached wave 5, so it’s unclear whether the price will continue to decline.
At the same time, it’s also uncertain if the price will start rising from here.
1-Hour
The market is quite messy and lacks a clear direction.
Trade Strategies
Strategy①
I’ll consider a short entry after the price pulls back near the upper boundary of the range.
Strategy②
I’ll wait for the price to pull back near the daily swing low, confirm the downtrend has ended on the lower timeframes, and then consider a long entry.
Strategy③
If the price clearly breaks above the range, I’ll wait for a pullback and consider a long entry.
