Ascending Channel at Risk: Gold's Next Move!

avant-hier

Gold(XAUUSD) is moving in the Resistance zone($2,743-$2,700), near the Upper line of the Ascending Channel and near the Important Resistance lines.

According to the theory of Elliott waves, Gold seems to have succeeded in completing microwave 5 of microwave c of the main wave Y. If the Uptrend lines break, we can confirm the end of wave 5.

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

I expect Gold to drop at least $2,710 in the coming hours after the breaking of the Uptrend lines. The next target can be $2,701, and if the lower line of the ascending channel breaks, we can hope for the breaking of the Support zone($2,697-$2,689).

If you want to see my analysis on the 4-hour time frame, take a look at the post I published on January 16, 2025.

Note: If Gold goes above $2,750, we should expect more Gold increase and a new All-Time High (ATH) for Gold.

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.

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avant-hier

Note

My short position:

XAUUSD

Position: Short

Entry Point: 2737.700 USD (Limit Order)

Stop Loss: 2753.000 USD

Take Profits:

2712.013 USD

Risk-To-Reward: 1.68

Please don't forget to follow capital management ⚠️

Please pay attention to the style of opening the position.⚠️

avant-hier

Transaction en cours

Trade was activated.

hier

Trade fermée: ordre d’arrêt atteint

Stop Loss was touched.

Trump's speech and the announcement of the Unemployment Claims index could show whether gold will see a new All-Time High (ATH) or not.