๐จGold seems to have managed to break the ๐ขSupport zone($2,373-$2,360)๐ข.
๐In terms of Classical Technical Analysis, Gold has formed two Symmetrical Triangle and Rising Wedge Patterns. The lower line of these two patterns is common, and Gold has succeeded in breaking the lower line of the two patterns.
๐According to the theory of Elliott waves, it seems that Gold has managed to complete wave 5 at $2,431.59 (All-Time High(ATH)), and we should wait for corrective waves.
๐I expect Gold to fall at least to the Uptrend line, the Support line, and the next ๐ขSupport zone($2,328-$2,303)๐ข.
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XAUUSD
๐ดPosition: Short
โ
Entry Point: $2368.237 (Limit Order)
โ๏ธStop Loss: $2385.680
๐ฐTake Profit:
๐ฏ$2332.513๐Risk-To-Reward: 2.05
โ ๏ธPlease don't forget to follow capital management.
โ ๏ธPlease pay attention to the style of opening the position.
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XAUUSD
๐ดPosition: Short
โ
Entry Point: $2360.121(Limit Order)
โ๏ธStop Loss: $2374.320
๐ฐTake Profit:
๐ฏ$2332.513๐Risk-To-Reward: 1.94
โ ๏ธPlease don't forget to follow capital management.
โ ๏ธPlease pay attention to the style of opening the position.
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Gold Analyze ( XAUUSD ), 1-hour time frame โฐ.
Do not forget to put Stop loss for your positions (For every position you want to open).
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