XAUUSD UPDATE: Is GOLD going for a trend reversal or a TRAP?

Jul 7, 2023

A possible trend reversal may happen of GOLD.

We can see it is currently forming an inverted head and shoulder pattern.

if it breaks the neck line then we can assume the price may move up to 2000 zone in long run where it has left an unmitigated order block while getting down from 2045 zone.

Again if the price fails to break the neck of IH&S and fall below 1900 zone, we will see a drop towards 1885 zone next following 1865.

Jul 9, 2023

Comment

This is the inverted head and shoulder pattern in 1 hour chart.

Price has made a major change in character on 30 June, 2023.

On 6 July it has formed the right shoulder while respecting the Major CHOCH order block (1900.605-1905.610)

Price recently failed to break the neckline so it has a chance the price may drop to the left shoulder support zone (1912.155-1916.525) and then start a bullish momentum by breaking the neckline.

In my previous analysis of GOLD 4 hour chart you will see there is an unmitigated order block at 2000 zone.

I will not surprise if the price reaches there.

Meanwhile, it seems like GOLD will go up.

For more clarification, you can check my recent DXY (Dollar Index) analysis.

Jul 10, 2023

Comment

In 15 Minutes chart there is a probability price may execute more orders from Minor CHOCH Order Block (1926.775-1928.155) and come back to the Major CHOCH Order Block (1912.155-1914.645) to take more orders and start the bullish move.

Jul 11, 2023

Comment

Gold seems still Bullish but currently at non trading zone.

Today price tried few times to break the neck line of Inverted Head And Shoulders but failed in all occasions as this 1931-1937 zone is under seller's hand.

Even the sellers tried to break the Higher Low (1929.950) but they failed also.

This 1928.175-1930.115 zone seems as an Inducement Zone.

Price should fall to the Order Block (1920.855-1923.805) and a Discount Zone (1918.259-1922.585) is also there which I think is the best entry zone for the buyers.

Price may break the neckline (1931.300-1937.400) and move at least towards 1945 zone.

Tomorrow we have CPI so anything can happen.

Jul 11, 2023

Comment

In Day Chart we can see price is maintaining a trend line and previous 2 impulsive waves have correction of FIBO Level 61.80%

Jul 12, 2023

Comment

Gold price tried to break the key level of 1940 but failed again.

In 30 minutes chart we can see it has made a new Lower High in stead of Higher High. A minor change of character happens.

Price may move up to the Minor CHOCH Order Block (1938.265-1940.280) and grab all the liquidity inside the Inducement zone (1929.420-1930.805) from dropping there.

A possible 1925 zone drop can lead the price to drop further at the Fair Value Gap (1914-1920)

A good short opportunity is likely before the CPI.

Jul 12, 2023

Comment

Jul 12, 2023

Comment

Jul 12, 2023

Comment

So the price moves up from Elliot Correction C

Jul 13, 2023

Trade closed: target reached

So the momentum is Bullish now.

I am closing this analysis and will give update on a new one.

Aug 2, 2023

Trade active

I need to open this analysis again.

The GOLD is back to the zone to retest after breaking the neck line of INVERTED HEAD AND SHOULDER

If this retest is successful then the GOLD price will be at 2000 very soon.

Aug 3, 2023

Comment

Price is at the neckline for retest

Even price comes early to this zone before news so something is fishy.

Price will move up In sha Allah.

I am buying GOLD in this zone.