Gold Price Analysis 30-7-2024

Jul 30

Elliott Wave Pattern:

• The chart shows a corrective Elliott Wave pattern (A), (B), and (C) for a larger move, and now we are in the subwave of B.
  
• We are currently in the final (C) of the (C) wave, indicating a possible downward movement after its end.
  

Change of Character:

• We had a Change of Character that indicates the start of wave C.
  
• Drawing a Fibonacci retracement to the first wave of wave C, we see confluence with a Fair Value Gap (FVG) at the 50% level of this wave and the first wave high.
  
• This area could be a potential point to long if the price is rejected from it, aiming for the last high then the last high of the bigger wave B, which is the 61% retracement of wave A.
  
• Rejection from the 61% retracement may lead to a double top formation to continue the downtrend in the higher timeframe.
  

Current Trend:

The price is currently testing the 2391-2392 level, which may reverse down to the 50% retracement level of the first wave of wave C.
Key Levels:

Resistance: $2,403.00, $2,412.71, $2,428.46
Support: $2,377.00, $2,367.00, $2,358.17

Disclaimer:
This is not financial advice.

Jul 30

Trade closed: target reached

We purchased at 50% for $2,3585 and closed at $2,400. The next downside must be reevaluated due to geopolitical problems.