GOLD Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
Uptrend.
Watching to see whether the price will break the previous high or continue correcting.
Daily
Uptrend.
The previous high acted as a support-resistance flip level, and price is rising again.
Within the upper half of a large price range, both downtrends and uptrends are forming.
4-Hour
Uptrend.
Currently forming a range between the recent high and previous high.
Due to recent news releases, short-term price action has become volatile.
1-Hour
The origin of the recent high was broken to the downside, shifting the bias downward.
Although the price has not yet formed a clear lower high and lower low, potential pullback shorting opportunities are in view.
Trade Strategies
Strategy①
Trend-following long on the 4-hour chart, countertrend on the 1-hour chart.
If the 4-hour support-resistance flip zone holds again, look for a trend reversal on the lower timeframe and consider a long entry.
Strategy②
Target the 3rd wave down on the 1-hour chart for a short entry.
Ideally, wait for price to pull back near the 1-hour origin or the upper edge of the 4-hour range.
Since there was a sharp drop recently, no clear resistance levels are in place.
Focus on short-term trend reversals for entry.
