Gold Analysis==>>Bollinger Bands!!!

Oct 14

Gold( XAUUSD ) moved, as I expected in my previous post.

Gold is moving near the Resistance zone($2,686-$2,670) and within the Bollinger Bands Indicator (we can consider the upper and lower lines as Support and Resistance).

What is Bollinger Bands Indicator!?

• Bollinger Bands is a technical indicator used to measure market volatility. It consists of three lines:
  
  
• Middle Band: A simple moving average .
  
• Upper Band: Two standard deviations above the moving average.
  
• Lower Band: Two standard deviations below the moving average.
  
  
• When prices hit the upper band, the asset might be overbought; hitting the lower band suggests it could be oversold. Tight bands indicate low volatility, while wide bands show high volatility. It helps identify potential entry and exit points in the market.
  

According to the Elliott wave theory, Gold seems to have completed 5 impulsive waves. We should expect the Corrective waves to finish and Gold to start increasing again.

I expect Gold to start rising again after hitting the lower line of the Bollinger Bands or 50% Fibonacci line and attacking the Resistance lines.

🔔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 14

Trade active

Trade was activated

Oct 15

Trade closed: target reached

First Target Done

Oct 16

Trade closed: target reached

Second Target Done