Gold Near $4,100 PRZ – Time for a Reversal?

vorgestern

Just like we discussed last week, Gold(XAUUSD) moved exactly as expected and hit its targets.

Now, as we start the new week, Gold is continuing to form a New All-Time High(ATH) and is currently near a Potential Reversal Zone(PRZ)[$4,150 – $4,074] and the $4,100 round number.

From an Elliott Wave perspective, it looks like Gold is completing wave 5, which could top out in this PRZ.

We’re also seeing a Regular Divergence(RD-) between the two consecutive peaks, which suggests that Gold might start a correction soon.

I expect Gold to begin a correction and at least drop down to the lower line of the ascending channel after breaking the Support zone($4,061 – $4,041).

Note: If Gold breaks the lower line of that ascending channel, we can expect further downside.

Note: Also, keep in mind that Powell speaks tomorrow, which could influence Gold’s movement. As I mentioned, a bullish DXY outlook could also help push Gold lower.

Second Target: $3,963

Stop Loss(SL): $4,153(Worst)

Please respect each other's ideas and express them politely if you agree or disagree.

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.

Please do not forget the ✅ 'like' ✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.

gestern

Trade ist aktiv

I just wanted to update that even though our stop-loss got hit, I’ve actually re-entered a short position. The upper line of the ascending channel is acting as a resistance, so we might see some downside from here. Of course, we should also keep an eye on Powell’s speech today, as that could influence things as well.

gestern

Anmerkung

XAUUSD

Position: Short

Entry Point: 4141.000 USD  (Limit Order)

Take Profit: 4063.000 USD => Risk-To-Reward: 1.76

Second Take Profit: 4029 USD => Risk-To-Reward: 2.53

Stop Loss: 4185.200 USD

Please don't forget to follow capital management ⚠️