GOLD Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
Still making new highs.
Recently, the price was consolidating, but now it seems to be rising again near the previous high.
Daily
It depends whether you view the range between 2965 and 3500 as bullish, or the range between 3125 and 3435 as bearish.
Pay close attention to price action when it reaches 3500.
If it breaks above, there is a possibility of new highs.
If it is pushed back down, the correction may be prolonged.
4-Hour
Price is ranging between 3273 and 3392.
1-Hour
Uptrend.
Resistance at previous swing highs.
The wick (shadow) breaks above, but the candle body does not close above resistance.
Trade Strategies
Strategy①
Ride the 1-hour uptrend until the 4-hour range upper boundary.
If the current high is broken, look for a pullback on lower timeframes.
If a correction occurs, pay attention to price action around the support/resistance flip line.
If price pulls back to the last 1-hour swing low, note that the 4-hour range midpoint may cause indecision, and the lower timeframe downtrend is strong, so wait before buying the dip.
Strategy②
If the upward momentum is strong and the 4-hour chart breaks the recent high, then look for the next resistance level on lower timeframes.
