Gold Fails at Resistance, Elliott Wave Signals Deeper Correction
Gold(
XAUUSD) started to rise after the Richmond Manufacturing Index(Actual:-20/Forecast:-2/Previous-7) index was announced, but failed to break the upper line of the ascending channel and the Resistance zone($3,451-$3,406).
Gold has now broken through the Support lines and is attempting to break through the next Support lines and Support zone($3,394-$3,366).
In terms of Elliott Wave theory, it appears that the main wave Y has completed above the ascending channel.
I expect that given the momentum of gold's decline, gold will be able to break the Support zone($3,394-$3,366) and Support lines and fall to at least $3,356. The next target could be the lower line of the ascending channel.
Note: Stop Loss (SL) = $3,423
Gold Analyze (XAUUSD), 1-hour time frame.
Be sure to follow the updated ideas.
Do not forget to put a Stop loss for your positions (For every position you want to open).
Please follow your strategy; this is just my idea, and I will gladly see your ideas in this post.
Please do not forget the ✅ 'like' ✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
XAUUSD) started to rise after the Richmond Manufacturing Index(Actual:-20/Forecast:-2/Previous-7) index was announced, but failed to break the upper line of the ascending channel and the Resistance zone($3,451-$3,406).Gold has now broken through the Support lines and is attempting to break through the next Support lines and Support zone($3,394-$3,366).
In terms of Elliott Wave theory, it appears that the main wave Y has completed above the ascending channel.
I expect that given the momentum of gold's decline, gold will be able to break the Support zone($3,394-$3,366) and Support lines and fall to at least $3,356. The next target could be the lower line of the ascending channel.
Note: Stop Loss (SL) = $3,423
Gold Analyze (XAUUSD), 1-hour time frame.
Be sure to follow the updated ideas.
Do not forget to put a Stop loss for your positions (For every position you want to open).
Please follow your strategy; this is just my idea, and I will gladly see your ideas in this post.
Please do not forget the ✅ 'like' ✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
Trade active
Trade was activated after breaking the support lines.Trade closed: target reached
Target Done
Note
Full Target Done
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🎁Welcome than a 50% bonus(Low Spread)👉vtm.pro/Y3AV7r
🎁Get a 20% Discount on your trading FEE on BYBIT:👉partner.bybit.com/b/PEJMANZWIN
🎁Get a 20% Bonus & 30% Discount on LBANK exchange(NO KYC)👉lbank.one/join/uBythQd
🎁Get a 20% Discount on your trading FEE on BYBIT:👉partner.bybit.com/b/PEJMANZWIN
🎁Get a 20% Bonus & 30% Discount on LBANK exchange(NO KYC)👉lbank.one/join/uBythQd
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.