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.
Since the daily candlestick shows a rejection with a wick, it indicates that there is a certain level of buying pressure aiming for a dip-buying opportunity.
4-Hour
On the 4-hour chart, it looked like there might be a chance to catch the fifth wave of a downward Elliott wave pattern, but in the end, this recent drop may have only been the third wave.
For now, the outlook on the 4-hour chart remains bearish, so it’s a market where I want to look for selling opportunities on pullbacks.
1-Hour
A downtrend.
The price is currently rising toward the area where the most recent low was formed.
Trade Strategies
Strategy①
Aiming for a short entry targeting the fifth wave of the downtrend on the 4-hour chart.
However, caution is needed as there is also a possibility that the fifth wave may not extend and the trend could reverse to the upside.
Strategy②
If the outlook shifts upward on the 1-hour chart, I will consider a short-term long entry.
