GOLD is currently very close to an extremely strong level, which is the previous swing high from August 2022!
The market will probably want liquidity above this swing high. I expect price to break this level and touch the top of the parallel ascending channel .
As per my Elliott Wave analysis, a classic impulse wave is almost done. This is a simple pattern that may work in confluence with other indicators.
What do you think about gold? Let me know in the comment section, because I look forward to your opinions!
I recommend you short gold once we break the previous swing high or once we touch the top of the channel again. Of course, you can set a limit order or wait for some reversal pattern at the critical point on lower timeframes.
I hope this analysis will help you with your trading decisions! Keep in mind that this is not a trade setup. There is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I post trade setups privately.
Where should you place your profit target? You can use my level, which is the breakout point of the previous trendline (1681.94). You can also long gold here in the future once the price reaches this important point.
Wall Street doesn’t want you to know that 99.9% of gold is paper gold in the form of contracts. You may say that the physical supply of gold is limited, which can be true. But they can “print” an infinite amount of paper gold backed by fiat.
For more ideas, hit “Like” and “Follow”!
1 Like
Lol how did you change that background image? Was that from TradingView?
1 Like
According to my chart reading skill, I am also expecting selling pressure; right now I’m bearish on GOLD!
1 Like