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
Monthly
Uptrend.
Price is making new highs, but a correction may be due soon.
Weekly
Uptrend.
Price has rebounded from an unclear level and is aiming for the previous high.
Alternatively, a larger correction may still be in progress.
Daily
The trend bias depends on where the last swing low is defined.
If the recent large upward move is considered wave 1, the uptrend is still intact.
Currently, price is ranging within a wide price zone.
4-Hour
Uptrend.
Price bounced near the previous high and is now aiming for the most recent high.
1-Hour
The last lower high of the downtrend has been broken to the upside, shifting the bias to bullish.
Trade Strategies
Strategy①
Trend-following long on the 4-hour and 1-hour charts.
As a short-term downtrend is forming during the pullback, wait for a trend reversal on the lower timeframes before entering a long.
Strategy②
Once the 1-hour chart confirms higher highs and higher lows, consider entering a breakout long.
Postscript Trade Strategies
Strategy①
If price drops back down to the lower edge of the 1-hour range, monitor for trend reversal on the lower timeframes and go long.
If it continues falling, stay out.
Strategy②
If the upper edge of the 1-hour range is broken to the upside, consider a short-term long trade.
