As I expected in the previous post, Gold(
XAUUSD) started to decline from the Potential Reversal Zone(PRZ)[$2,951-$2,940] and with good momentum.
Gold is moving near the Resistance zone($2,916-$2,905) and the 100_SMA(1-hour). 100_SMA(1-hour) was an important support for Gold so that every time Gold hit this moving average, it started to increase.
Also, Gold’s movements seem to be corrective since the market opened.
According to the theory of Elliott waves, it seems that Gold is in Corrective Waves, and according to Gold’s falling momentum, it is possible that Gold will have a Zigzag Correction(ABC/5-3-5) in front of it.
In addition, if you look at the Gold chart in the 4-hour or Daily time frame, you will notice that there is a possibility of Adam & Adam Double Top Pattern(AADT).
I expect Gold to attack at least the Support zone($2,890-$2,879) in the coming hours, and if this zone breaks, we should wait for Gold to drop to at least $2,865.
Note: If Gold can go above 100_SMA(1-hour) again, or rather, if Gold touches $2,920, we should expect more pumps.
Be sure to follow the updated ideas.
Gold Analyze ( XAUUSD ), 1-hour time frame.
Do not forget to put 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.