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Gold Price Explosion? Key Patterns Indicating Major Moves Ahead!Technical Breakdown of XAUUSD Overview The chart presents the price action of Gold Spot (XAUUSD). Key technical patterns and significant support/resistance levels are highlighted to provide insights into potential price movements. Key Patterns and Levels Descending Channel: The price previously moved within a descending channel, marked by lower highs (LH) and lower lows (LL), indicating a downtrend. The breakout from the descending channel suggests a potential shift in momentum from bearish to bullish. Support/Resistance Levels: HTF (Higher Time Frame) Support/Resistance: A crucial level providing a foundation for significant price movements, shown with blue lines. LTF (Lower Time Frame) Support/Resistance: A lower time frame level within the channel, highlighting short-term price actions. 1HR Double Top: A resistance level around 2458.3 where the price is currently facing a decision point. Bullish Patterns: 3 Touch Flag: A bullish flag pattern with three touches indicating potential continuation if the price breaks above the resistance. Daily Bull Flag: A larger time frame bull flag pattern suggests a bullish continuation if the price breaks above the upper boundary. Liquidity Zones: Weekly LQZ: A liquidity zone around 2484, which acts as a significant resistance level. Daily LQZ: A zone around 2348.8 providing a major support level. Current Market Conditions: The price is currently testing the 1HR double top resistance. A rejection at this level could indicate a potential short position, while a clear break above could confirm a long position. Trading Strategy: Wait for Confirmation: Traders should wait for a clear rejection or break above the 1HR double top to determine the direction of their positions. Monitor Key Levels: Keep an eye on the support/resistance levels and liquidity zones to gauge potential price movements and market sentiment. Conclusion: Gold is at a critical juncture with significant patterns indicating possible major moves ahead. Traders should closely monitor the 1HR double top and key support/resistance levels to make informed trading decisions.
OANDA:XAUUSD
by Adlercon333
XAUUSD 1/8/2024 after FOMC news? Looking at H1, we see that after this morning's FOMC news, we see that XAU has increased to the 2458 zone - As I analyzed in the previous plan, when the price breaks through the 2402 zone and then tests again and does not fall below this zone, the price will continue the 5-wave trend instead of the 3-wave ABC. - Regarding the trend, after the price follows the 5-wave model, the next wave target is the 2500 price zone as analyzed before. - Looking at the present, we see that wave 3 in the blue 5-wave structure is completing, and the price has now started blue wave 4 - Measuring the wave 4 target, we have the price zone of 2433. This will be the price zone we are waiting for as a BUY target - The target of wave 5 will be specifically determined by me after wave 4 is formed. With the current data, I am expecting wave 5 to end at the price zone of 2500 Trading plan BUYZONE: 2433 - 2430 SL: 2423 TP1: 2422 TP2: 2450 TP3: 2465 SELL ZONE: 2467 - 2470 SL: 2477 TP1: 2450 TP2: 2422 TP3: 2433
OANDA:XAUUSDLong
by DEEKOP
GOLD Breakout Imminent? Key Levels & Patterns to Watch Now!Technical Breakdown of XAUUSD Overview The chart depicts the price movement of Gold Spot (XAUUSD) against the US Dollar on the 1-hour timeframe, highlighting key technical patterns and support/resistance levels. The analysis aims to provide insights into potential price actions based on historical movements and current market conditions. Key Patterns and Levels Descending Channel: The price has been moving within a descending channel, characterized by lower highs (LH) and lower lows (LL). The channel is defined by two parallel trendlines (in white) that indicate a downtrend. The descending channel suggests bearish momentum as the price continues to make lower highs and lower lows. Support/Resistance Levels: Support/Resistance Inside Channel: A notable level within the channel where the price has repeatedly found support or resistance, marked by dashed horizontal lines. 4HR LQZ (Liquidity Zones): Two critical liquidity zones at 2447.5 and 2432.4, acting as major support and resistance levels. These zones are crucial as they represent areas where significant buying or selling activity has occurred. Highs and Lows: Higher High (HH): The highest point reached before the price entered the descending channel, indicating a peak in bullish momentum. Lower High (LH): The lower high within the descending channel, showing the continuation of the bearish trend. Daily Bull Flag: The price is approaching the upper boundary of a daily bull flag pattern (marked in yellow), suggesting a potential bullish breakout if the price can sustain above this level. Current Market Conditions: Support/Resistance Retest: The price recently tested the resistance level at 2474.9 within the 4HR LQZ and pulled back slightly, indicating the presence of sellers at this level. Potential Breakout: The price is attempting to break above the descending channel and the 4HR LQZ, which could signal a reversal of the downtrend if confirmed by sustained buying pressure. Additional Insights: Dollar Interaction: The inset chart shows the US Dollar index coming into a support/resistance level within its own channel, providing additional context to the gold movement. Market Sentiment: The overall market sentiment and external factors such as economic data releases and geopolitical events can also influence the price movement of gold. Conclusion: The XAUUSD is currently at a critical juncture, testing key resistance levels within a descending channel. A successful breakout above the 4HR LQZ and the descending channel could signal a bullish reversal, while failure to break these levels may result in continued bearish pressure.
OANDA:XAUUSDShort
by Adlercon333
XAUUSD 7/30/2024 How far will the price go? After the 5-wave downtrend structure, we are witnessing an increase from 2354 to 2402 - So we will have 2 cases either the 5-wave downtrend structure has completed wave C then we have the current increase as a 5-wave structure, case 2 is the 5-wave downtrend structure above has just completed wave 1 in the 5-wave structure of wave C so the current increase is wave 2 and will have an ABC wave structure. - We will have an important price to confirm that is the price of 2402, both cases need the price to break out through 2402. After the price breaks out through 2402 and the price returns below 2402, then we will lean towards the current situation being just a correction wave 2 in the 5-wave structure of the purple wave C. If the price breaks out through 2418, we will lean towards the possibility that this is a 5-wave increase structure and the possibility that the price will break through the peak of 2433. So at the 2418 area, this is the current area containing a large amount of supply, which will be a strong resistance level for the price, so when the price touches this area, there will be a reaction, and we will choose this area as the SELL target Trading plan SELL ZONE: 2415 -2418 SL: 2425 TP1: 2402 TP2: 2390 TP3: 2374 BUY ZONE: 2357 - 2354 SL: 2347 TP1: 2365 TP2: 2374 TP3: 2382
OANDA:XAUUSDLong
by DEEKOP
XAUUSD 7/29/2024 Is the uptrend over? Looking at H1, we can see that the corrective uptrend may have ended. - The price will continue to move in a downtrend to complete the purple wave C as shown on the chart. During the move to the target price zone of wave C, we see that at the 2374 treble line, this is the previous breakout price zone and has not been retested, so there is still a very strong demand force in this price zone. - We expect the price to bounce back to the 2374 zone, so we will place a BUY order in this zone. Trading plan BUY ZONE: 2376 - 2373 SL: 2366 TP1: 2382 TP2: 2400 TP3: 2410 SELL ZONE: 2314 - 2417 SL: 2424 TP1: 2401 TP: 2382 TP3: 2365
OANDA:XAUUSDShort
by DEEKOP
XAUUSD 7/26/2024 Is there a pullback? Looking at H1, we see that the price breaking the 2382.5 zone has confirmed that the price is in the purple wave C - From the peak of 2433 to the bottom of 2353, we see a small 5-wave structure has been completed and now we see that the bullish recovery wave is continuing, we expect a corrective wave - The target of the rebound wave I measured at the price zone of 2402 and the price zone of 2411 - So this increase we expect is a rebound wave before the bearish wave continues to the target zone of the purple wave C - The target of the purple wave C we measured at the zone of 2334 and the zone of 2307 Trading plan BUY ZONE: 2366 - 2363 SL: 2356 TP1: 2382 TP2: 2394 TP3: 2402 SELL ZONE: 2310 - 2312 SL: 2320 TP1: 2400 TP2: 2390 TP3: 2382
OANDA:XAUUSDLong
by DEEKOP
XAUUSD July 25, 2024 Where will the drop end? Yesterday I gave you a plan to sell at 2431 - 2434, we filled TP3 with a profit of 600 pips. - Today the price has dropped to the 2370 price range, surpassing the 2382 price range, so the purple wave C in the purple ABC correction wave has been confirmed. - Looking at the sharp decline in price moving quickly and sharply, we expect this to be wave 3 in a series of 5 waves of the purple wave C - Our task is to determine the ending point of wave 5 in the purple wave C and that is also the ending point of the purple wave C to start BUY. - Measuring the target of wave 5 as well as the purple wave C, we have target price zones ending at 2365 and 2349. Trading plan BUYZONE 2465 - 2462 SL: 2455 TP1: 2382 TP2: 2394 TP3: 2399 SELL ZONE: 2411 - 2414 SL: 2421 TP1: 2400 TP2: 2394 TP3: 2382
OANDA:XAUUSDLong
by DEEKOP
1
XAUUSD July 24, 2024 Where will the rally go? As in the previous day's forecast, after the 5-wave trend is the ABC correction wave - Looking at H1 we can label wave a and wave b as shown on the chart. Currently, we expect wave C to complete so we can enter orders - Wave C target we measure 2 targets: price range 2420 and price range 2433. - After completing the next abc correction, it will be a 5-wave pattern following the previous downtrend Trading plan SELL ZONE: 2431 - 2435 SL: 2440 TP1: 2411 TP2: 2394 TP3: 2382 BUY ZONE: 2476 - 2471 SL: 2466 TP1: 2382 TP2: 2394
OANDA:XAUUSDShort
by DEEKOP
XAUUSD July 23, 2024 Where will the rising wave go?Looking at the H1 chart, we have a completed 5-wave bearish pattern - The target of wave 5 has been achieved near the price range of 2382 that I predicted yesterday - After completing the next wave 5, there will be 2 cases, the first case is that the price continues the 5-wave impulse wave pattern. The second case is the abc bullish correction pattern. - Regardless of the pattern, we now expect a price increase at least according to the abc correction pattern - The target of ending the correction wave will be specifically determined when the wave has completed at least 2 waves a and b. Based on current price data, I estimate the target of the correction wave is the price range 2433. - If this rally gets past 2453 then we will be leaning towards a trend rally to 2500 then I will update everyone. Trading plan BUY: 2491 - 2488 SL 2483 TP1: 2420 TP2: 2433 SELL ZONE: 2433 - 2436 SL: 2431 TP1: 2411 TP2: 2494
OANDA:XAUUSDLong
by DEEKOP
XAUUSD July 22, 2024 Is the decline over? The information that President Biden withdrew from running due to his health further confirmed Trump's high chance of winning the election. This information immediately caused XAU to gap up on Monday morning Looking at H1 we see a sharp sharp decline, this is the ongoing wave 3. - At the price range of 2394, we have a strong rebound. From this rebound we expect that wave 3 has ended and this rebound is wave 4. - The target of wave 4 I measured at the price range 2420 or price range 2428 - After completing wave 4, the price continues to decrease to complete the 5-wave pattern - With the current price data, I can temporarily measure the expected target of wave 5, the last down wave of this downtrend, at the price range of 2382 or the price range of 2366. - After the end of this price reduction, we expect a strong recovery and I will update the specifics of this recovery after the price completes this 5-wave decline. - Our trading strategy is to observe price reactions at support and resistance zones to enter orders
OANDA:XAUUSDShort
by DEEKOP
SUPPORT AND RESISTANCE / PRICE ACTIONIn this analysis we are focusing on M30 time frame for # XAUUSD. Here we have support and resistance and also we know that market trend was Bullish. Bullish momentum is very strong. In my opinion market price comes downward first near to the support , and than again move toward the upside after facing rejection from the support. Always use stoploss for your trade. Always use proper risk : reward ratio. This is just my prediction or analysis , without any confirmation we could not place our trade.
OANDA:XAUUSDLong
by TradeTacticsreal
XAUUSD on July 18, 2024 continues to wait for the target zone? Continue with the previous day's plan - Looking at H1, we have black wave 5 which is an expanding wave. - In the black wave 5, there is a yellow 5-wave structure and now we have a yellow 4 wave that may have completed. - From the measured targets for the end of wave 5 of the plans in recent days, we will have the first target at the round number area of ​​2500 - Currently we wait for the price to reach the target area of ​​2500 to find conditions to SELL
OANDA:XAUUSDShort
by DEEKOP
1
XAUUSD July 17, 2024 Will the rising wave continue? The information we received is that Mr. Trump's brother is officially named as the Republican candidate. The fact that Mr. Trump is a bright candidate for the United States is creating conditions for XAU to increase in price because of its policies. In the past, he advocated for reducing interest rates to focus on economic growth. The information released from the Fed in recent days shows dovishness with announcements that curbing inflation is very effective as well as statements from Fed Chairman Powell also making dovish comments. . This also makes the expectation that interest rate cuts will happen sooner. Looking at H1, we see that yesterday there was a strong increase, which shows that we are having wave 5 extension. We are measuring wave 5 and currently have two important target price areas to observe: the 2481.6 area and the 2500 round resistance area. - At this time we should limit buying because the price is at the peak of the price force. Looking at the RSI, we see that the price momentum is weakening, while the price is still increasing, this signals that the current uptrend has ended. weakening force increased insignificantly - We have target price zones to find selling points at 2481.6 and 2500. - We expect the price to have a slight correction and then create a new peak near the 2500 area and the RSI peak will then diverge, which will be a nice sell trade setup. We continue to observe the price in this area to find a Sell down point. - In the immediate future, we have a target area for the downward correction wave at the price range of 2438.6. When there is more data about the dark price, this target area will be updated
OANDA:XAUUSDShort
by DEEKOP
XAUUSD trading plan for week 1, July 2024Looking at D1, we see that the adjustment process has reached the end of the period - Unlike impulse waves, corrective waves take a long time and often have complex patterns that are difficult to predict. - Looking at the current model, I am leaning towards the complex triangle correction model with ABCDE structure in Elliot - The beauty of Elliot is that there are price levels that confirm whether we are moving in the right direction. - We have 2 prices that confirm our wave counting + If the price level 2284.37 is broken below then our current assumption is no longer correct then our previous assumption that the ABC correction model I mentioned last week will apply + If the price level of 2365.7 is broken, the triangle correction model we are predicting will be confirmed. - So our plan is to wait for the price to break out of the 2365.7 price range and test again to enter a Buy order. - If the Breakout price drops below 2284.37, then we wait to test again and enter a Sell order. If that happens, I will update.
OANDA:XAUUSDLong
by DEEKOP
How will XAUUSD fluctuate after Trump's case? The failed assassination of presidential candidate Trump increasingly increased his odds of winning the election as well as helping the Republican party hold a large number of seats in the parliament. If the Republican Party prevails in the election, This will promote a reduction in USD interest rates. This is also the reason why XAU has increased in recent days. Looking at H1: - The purple 5-wave structure has been completed. This could be the wave 1 structure in a larger wave. and so next will be the corrective wave structure - Like I said before, corrective waves often take a long time and move complicatedly, we need a lot of follow-up data to shape the corrective structure. - But for simplicity we can expect a simple ABC structure to observe - Then we temporarily have the target area for corrective wave C at 2 price areas: 2367.7 and 2349.3. - The current plan is that we can sell at the price range of 2429 to the price range of 2440 and set the SL at the top of 2440.
OANDA:XAUUSDShort
by DEEKOP
XAUUSD July 9, 2024 potential buying point?Looking at h1 yesterday, we continued to successfully predict the direction of price movement - Currently, the price is approaching the target area of ​​wave C. As I said yesterday, we need data from waves A and B to be completed to determine the target of wave C. - Currently, I measure the target of wave C located at 2 price areas 2355 and 2346 price areas. These 2 price items form a narrow area where we can enter a Buy order at this price area. - If the price breaks through 2339, our current wave counting process is no longer correct, then I will update you again.
OANDA:XAUUSDLong
by DEEKOP
XAUUSD July 8, 2024 Will the rising wave continue? Nonfarm news last weekend with lower employment data than the previous period caused gold to have a strong increase in price to 2392.2, this price increase may need to continue a correction of wave 4 before completing wave 5. final increase. Looking at H1 we see Black wave 5 has exceeded our measured target and approached the 2392 area. - So the next 5 waves are a correction. The corrective wave is a complex wave that is difficult to specifically identify, but we still take the ABC corrective wave as the standard for price observation. The specific target of this corrective wave needs to be observed at least as waves A and B complete to be accurate, but from the current data I measure the target of the corrective wave ending at the price range 2363 or 2355. These are the two price zones I expect to continue buying. We will continue to observe price behavior during the correction wave to more accurately determine the target price zones of the correction wave.
OANDA:XAUUSDLong
by DEEKOP