Gold’s ATH Rally Slowing Down – Needs Correction!!!

24 apr

Gold(XAUUSD) has been on a strong uptrend in recent weeks, creating a new All-Time High(ATH) almost every day. Will a new ATH be created after $3,500 in the coming days? What do you think?

Gold is moving between the Resistance zone($3,386-$3,357) and Support zone($3,282-$3,245).

In terms of Elliott Wave theory, it seems that Gold has started to form Corrective Waves after recording the latest ATH. Gold is completing a Zigzag Correction wave (ABC/5-3-5) (most likely).

I expect Gold to start declining again after approaching the Resistance zone($3,386-$3,357) and attack the Support lines and Support zone($3,282-$3,245). It seems like Gold needs a correction, do you agree with me!? In the worst-case scenario for my analysis, Gold starts falling from the resistance zone($3,431-$3,406).

Note: If Gold can move above $3,440, we can expect more pumps and maybe make na ew All-Time High(ATH).

Gold Analyze ( XAUUSD ), 1-hour time frame.

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25 apr

Trade attivo

Trade was activated in Resistance zone($3,386-$3,357), also Long Position touched target = Resistance zone($3,386-$3,357)

25 apr

Trade chiuso: obiettivo raggiunto

First Target Done