GOLD Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
Uptrend.
Currently possibly in a correction phase.
Daily
Overall uptrend with bullish bias.
Within a large price range, both downtrends and uptrends are forming.
4-Hour
Uptrend.
The recent high was broken with a wick but not with a candle body.
Since the last swing low hasn’t been broken, the bias remains upward.
1-Hour
Downtrend.
We may see either a price correction or a time correction—or the price may continue to fall directly.
Trade Strategies
Strategy①
Trend-following long on the 4-hour chart and countertrend long on the 1-hour chart.
Since the current move on the 4-hour chart appears to be a correction, consider a long entry when the lower timeframes shift from a downtrend to an uptrend.
Strategy②
If a range forms just below the most recent 1-hour swing high, consider a short trade from the range top to the bottom.
Strategy③
If the 1-hour chart shifts to a bullish trend, align with the 4-hour and 1-hour uptrends and look for a long entry.
