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
It’s a downtrend.
Currently, the market is in a corrective phase, and an uptrend has formed on the lower timeframes.
We’ll see whether the resistance-turned-support line holds and selling pressure kicks in, or if the price will return to the origin of the most recent low on the 4-hour chart.
1-Hour
Currently, the market is in an uptrend with a bullish outlook.
Trade Strategies
Strategy①
Looking to sell on pullbacks at potential resistance levels.
Price action needs to be closely monitored.
Strategy②
If the bullish momentum remains strong, I’ll consider a long position up to the key horizontal level on the 4-hour chart.
