Gold Breaks Uptrend Line! Is a Reversal or New ATH Coming?

24 janv.

The mixed PMI data(Flash Manufacturing and Flash Services) from the U.S. reflects contradictory signals, likely leading to short-term Gold price volatility without significantly affecting its main trend. What is your idea!?
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Gold(XAUUSD) is moving in the Potential Reversal Zone(PRZ)[$2,793-$2,777] and Time Reversal Zone(TRZ) and managed to break the Uptrend line.

According to the theory of Elliott waves, it seems that 5 impulsive waves have ended, and we have to wait for corrective waves.

Another sign of Gold correction can be the formation of a Shooting Star Candlestick Pattern (with high volume) and, next to it, a confirmation candle in the 1-hour time frame.

Educational Tip: The larger the volume of the candle, the more valid the candle and the pattern it forms.

Also, we can see the Regular Divergence(RD-) between Consecutive Peaks.

In terms of Classical Technical Analysis, we can expect the formation of a Head and Shoulders Pattern. (It is better to wait for the formation of the right shoulder).

I expect Gold to attack the Support zone($2,764-$2,757) and Uptrend lines soon, and if they break, we can expect Gold to fall to the Support lines.

Can Gold make a new All-Time High(ATH)!? Please share your ideas in the comments.

Note: We can expect more pumps if Gold goes over $2,794.

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.

25 janv.

Transaction en cours

I opened a short position when Gold touched $2,774(before the market closed).

27 janv.

Trade fermée: cible de profit atteinte

My first Target is Done. I will wait for the full target, and you can risk-free your position if you want to hold it.

All analytical items(PRZ,TRZ, Patterns,etc) performed well

27 janv.

Note

Full Target Done