As per the current 30-min chart, Gold appears to be completing its corrective structure and is now poised for a bullish reversal. Key observations:
🔹 Support Zone:
Gold has respected the 78.6% Fibonacci retracement level (~3210), showing strong demand in this region. This marks the potential base of the upcoming 5th Elliott wave.
🔹 Trigger Level:
Price needs to break and sustain above 3240 to confirm bullish momentum. This is the neckline of the current consolidation and serves as the breakout zone.
🔹 Wave Projection:
We anticipate Gold to initiate Wave 5, the final impulsive move in the current sequence. A clear breakout above 3240 may trigger a rally towards 3300 / 3360 / 3420 in the short term.
🔹 Strategy:
Wait for a bullish candle close above 3240 to confirm breakout. Aggressive traders may initiate early positions near 3210 with tight stop-losses.
📌 Key Levels:
Support: 3210–3200 (78.6% Fib)
Breakout: 3240
Targets: 3300 / 3360 / 3420
🔻 Invalidation:
Break below 3200 would invalidate this bullish count and suggest deeper correction.
💬 Gold is gearing up for its final bullish thrust. Monitor 3240 zone for breakout confirmation. Keep risk managed!
❗ Disclaimer:
This analysis is for educational and informational purposes only. It does not constitute investment advice or a recommendation to trade. Always do your own research and consult your financial advisor before making trading decisions.
🔹 Support Zone:
Gold has respected the 78.6% Fibonacci retracement level (~3210), showing strong demand in this region. This marks the potential base of the upcoming 5th Elliott wave.
🔹 Trigger Level:
Price needs to break and sustain above 3240 to confirm bullish momentum. This is the neckline of the current consolidation and serves as the breakout zone.
🔹 Wave Projection:
We anticipate Gold to initiate Wave 5, the final impulsive move in the current sequence. A clear breakout above 3240 may trigger a rally towards 3300 / 3360 / 3420 in the short term.
🔹 Strategy:
Wait for a bullish candle close above 3240 to confirm breakout. Aggressive traders may initiate early positions near 3210 with tight stop-losses.
📌 Key Levels:
Support: 3210–3200 (78.6% Fib)
Breakout: 3240
Targets: 3300 / 3360 / 3420
🔻 Invalidation:
Break below 3200 would invalidate this bullish count and suggest deeper correction.
💬 Gold is gearing up for its final bullish thrust. Monitor 3240 zone for breakout confirmation. Keep risk managed!
❗ Disclaimer:
This analysis is for educational and informational purposes only. It does not constitute investment advice or a recommendation to trade. Always do your own research and consult your financial advisor before making trading decisions.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.