Gold Finds Support in PRZ – $3,337 in Sight?

27 mag

As I expected in my previous idea, Gold(XAUUSD) moved towards the Support zone($3,280-$3,245) after breaking the lower line of the ascending channel.

Gold is moving near the Support zone($3,280-$3,245), Potential Reversal Zone(PRZ)[$3,283-$3,270]and Monthly Pivot Point.

In terms of Elliott Wave theory, Gold appears to be completing a main wave 4. The structure of the main wave 4 can be complex. Confirmation of the end of the main wave 4 requires a break of the Resistance lines and Resistance zone($3,387-$3,357).

I expect Gold to move up after entering the Potential Reversal Zone(PRZ)[$3,283-$3,270] and the first target could be $3,314 and the second target could be $3,337. If the momentum is high for Gold, you can consider higher targets for Gold to increase.

Note: If Gold touches $3,245[Worst Stop Loss(SL)], we should expect further declines.

Gold Analyze ( XAUUSD ), 2-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.

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2 giu

Trade chiuso: obiettivo raggiunto

As I said in the Note section, our Stop Loss(SL) was $3,245, but gold fell to $3,245.56:

Note: If Gold touches $3,245[Worst Stop Loss(SL)], we should expect further declines.