XAUUSD Forecasted Trade Idea ( 30 Oct 2024 )
XAUUSD Forecasted Trade Idea ( 30 Oct 2024 )
This chart appears to analyse the gold spot price (XAU/USD) on an hourly time frame, with Fibonacci retracement levels and potential Elliott Wave analysis applied. Here are a few observations that could guide a forecast:
Fibonacci Retracement Levels: The retracement levels, especially the 1.618 (2,781.45) and 2.618 (2,821.04) extensions, suggest potential resistance areas if the price continues to increase.
Elliott Wave Structure: The labelling suggests this might be a wave (v) of a larger impulse wave, with a potential pullback before a final upward push to complete the structure.
Possible Scenarios:
Bullish Scenario (Yellow Path): The price might retrace to around the 1.23 or 1.0 Fibonacci levels (2,766.10 or 2,756.99), then find support and resume an upward trend towards the 2,821.04 mark.
Bearish Scenario (Red Path): If the price fails to hold above key Fibonacci support levels, it could retrace further down to the 0.786 (2,748.52) or lower levels, suggesting a larger correction.
Potential Entry Strategy
For a Long Entry: Wait for the price to confirm support at or near the 1.23 (2,766.10) or 1.0 (2,756.99) Fibonacci levels and look for bullish reversal signals (e.g., bullish candlestick patterns).
For a Short Entry: Consider entering if the price breaks below the 0.618 Fibonacci level (2,741.87) with confirmation, aiming for lower levels like the 0.382 (2,732.53) or below.
Conclusion
If the price holds above the 1.0 Fibonacci level, the primary direction looks cautiously bullish. However, if support breaks, a bearish correction could be expected. A conservative approach would be to wait for clear confirmation of either scenario before entering a position.
Slowly but surely....
Trade Wisely guys...
This chart appears to analyse the gold spot price (XAU/USD) on an hourly time frame, with Fibonacci retracement levels and potential Elliott Wave analysis applied. Here are a few observations that could guide a forecast:
Fibonacci Retracement Levels: The retracement levels, especially the 1.618 (2,781.45) and 2.618 (2,821.04) extensions, suggest potential resistance areas if the price continues to increase.
Elliott Wave Structure: The labelling suggests this might be a wave (v) of a larger impulse wave, with a potential pullback before a final upward push to complete the structure.
Possible Scenarios:
Bullish Scenario (Yellow Path): The price might retrace to around the 1.23 or 1.0 Fibonacci levels (2,766.10 or 2,756.99), then find support and resume an upward trend towards the 2,821.04 mark.
Bearish Scenario (Red Path): If the price fails to hold above key Fibonacci support levels, it could retrace further down to the 0.786 (2,748.52) or lower levels, suggesting a larger correction.
Potential Entry Strategy
For a Long Entry: Wait for the price to confirm support at or near the 1.23 (2,766.10) or 1.0 (2,756.99) Fibonacci levels and look for bullish reversal signals (e.g., bullish candlestick patterns).
For a Short Entry: Consider entering if the price breaks below the 0.618 Fibonacci level (2,741.87) with confirmation, aiming for lower levels like the 0.382 (2,732.53) or below.
Conclusion
If the price holds above the 1.0 Fibonacci level, the primary direction looks cautiously bullish. However, if support breaks, a bearish correction could be expected. A conservative approach would be to wait for clear confirmation of either scenario before entering a position.
Slowly but surely....
Trade Wisely guys...
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