XAUUSD - GOLD analysis by Elliot waves
Gold may go for long direction from prices between shaded area and is targeting 1800.
This is to be cancelled if prices reach 1607.
This is to be cancelled if prices reach 1607.
Trade active
Note
Gold now 1650 with 150 pips gain, long position will remain as long as price never breaks 1607Note
Gold now is 1680 with 500 pips profit I suggest to secure the positions and close half of them and continue with others to target 1800Note
shifting stop loss to 1659.3 is very important to secure long positions since wave 2 should not be brokenNote
as per updated chart below as H1 time frame I think the wave 3 is about to finish, awaiting prices to finish a correction as wave 5 (at shaded area between prices 1692 and 1682) is good opportunity for another long position.This is to be failed if wave 4 breaks wave 1 at 1674 which it shouldn't be happened on impulsive wave rules
Note
Revised wave 5 = wave 4Trade active
about 2000 pips profit secure positions pleaseTrade active
achieved 3000 pips
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.