Gold Breakdown Confirmed — Bearish Pennant Targets Unfolding

26 giu

Gold(XAUUSD) started to decline as I expected in my previous idea after the lower lines of the Ending Diagonal broke.

Gold is moving near the Resistance zone ($3,349-$3,325). And Gold seems to be crossing the 50_SMA(Daily).

From a Classical Technical Analysis perspective, the Bearish Pennant Pattern seems to indicate a continuation of the downtrend in Gold.

From an Elliott wave theory perspective, it seems that Gold has completed the Zigzag Correction(ABC), and we can expect the next 5 downwaves.

I expect Gold to continue to decline at least to the Support zone($3,281-$3,243) and Monthly Pivot Point.

Note: Stop Loss (SL) = $3,360

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.

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26 giu

Trade attivo

27 giu

Trade chiuso: obiettivo raggiunto

First Target Done

27 giu

Nota

Full Target Done

Gold (XAUUSD) slid lower after the release of today’s Core PCE Price Index, which came in at 0.2% vs. 0.1% expected. This hotter-than-expected inflation print reinforces the view that the Fed may delay rate cuts, keeping real yields and the U.S. dollar elevated.

The data acted as a clear catalyst for gold’s renewed downside, as markets reprice inflation expectations and push back Fed pivot hopes.

With inflation still sticky, gold may remain under pressure, especially if upcoming data continues to surprise to the upside.