GOLD Market Analysis and Trading Strategies.
*Personal Opinion
I use “XMTRADING” as my trading tool.
It is my personal most trusted trading account and is used by many professional traders.
I use “TradingView” as my analysis tool.
Registering an account gives you access to many features for free.
Waveforms of each time leg
Weekly
Uptrend.
The upward momentum appears to be weakening.
A significant correction may be approaching.
Daily
Overall, the trend remains up.
However, a short-term downtrend has formed with lower highs and lower lows.
This may be a corrective phase within the larger uptrend.
Price has bounced from the previous high and is attempting to rise again.
4-Hour
The recent uptrend has broken, and a downtrend is forming.
Price has retraced back to the last swing high and is currently pulling back.
It remains to be seen whether price will continue down with the 4-hour trend or resume upward in line with the daily correction being over.
1-Hour
Downtrend.
The last swing high has not been broken with a candle body, so the bearish bias remains.
Trade Strategies
Strategy①
Since the 15-minute chart has shifted from uptrend to downtrend, wait for a pullback and enter a short.
Ideally, aim to enter near a key horizontal resistance level.
Strategy②
There’s a possibility of a rebound at the current price, which has been respected recently.
Although the last swing high hasn’t been broken, price has retraced nearly 100% of the previous down move, showing strong bullish momentum.
If we consider the current move as wave 1 up, we may be in wave 2 (a pullback).
If a trend reversal from down to up is confirmed on the lower timeframes, consider going long.
