Gold Analysis ==>> Bearish Quasimodo(QM) Pattern!!!

Oct 24

Gold(XAUUSD) moved as I expected in the ✅previous post✅.

Gold is currently moving near the Potential Reversal Zone(PRZ)[$2,800-$2,745] and inside the Time Reversal Zone(TRZ), and the loss of the Lower line of the Ascending Channel can indicate weakness in the upward movement.

According to the theory of Elliott waves, it seems that Gold has managed to complete the main wave 5, and now we have to wait for Corrective Waves.

From the point of view of Technical Analysis, it seems that Gold has succeeded in forming the Bearish Quasimodo(QM) Pattern, which can be another sign of the reduction of gold.

I expect Gold to decline to at least the Support zone($2,720-$2,708), and if the support zone is broken, we should expect Gold to continue falling to the Next Support zone($2,686-$2,666).

⚠️Note: If Gold can goes over $2,760, we can expect more pump 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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Oct 25

Trade active

Trade was activated

Oct 25

Trade closed: target reached

I closed 50%, and I did Risk-free another 50%.

If you still have the position, you can risk-free the position or set the SL to $2766 according to your capital management.