GOLD Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
Uptrend.
Either it is rebounding near the previous high and rising again, or it is still in a correction phase.
Daily
The market outlook depends on where the final swing low of the uptrend is considered.
If viewed as bearish, a lower timeframe uptrend is forming near the recent swing low.
4-Hour
Uptrend.
A downtrend is forming on lower timeframes, targeting the recent swing high area.
1-Hour
The recent uptrend’s last swing low has been broken downward.
Trade Strategies
Strategy①
Trend-following long on the 4-hour chart, countertrend long on the 1-hour chart.
Since a downtrend is forming on the 1-hour chart near the 4-hour swing low area, consider waiting for a better entry.
Strategy②
If the downward momentum is strong and the 4-hour swing low is broken downward, wait for a pullback and consider a short entry.
