Gold Roadmap!!!

Sep 19, 2024

After the announcement of the US Federal Funds Rate (The Federal Reserve lowered the US Federal Funds Rate by 0.5% to 5.00%.), Gold started to rise again after the bear trap from the Support zone($2,574-$2,560).

Gold is currently moving near the Potential Reversal Zone(PRZ)[$2,635-$2,605] and Resistance lines.

According to Elliott wave theory, Gold is completing microwave 5 of main wave 5, which can be completed in the Potential Reversal Zone(PRZ).

Also, Regular Divergence (RD-) between Consecutive Peaks.

I expect Gold to start falling from the Potential Reversal Zone(PRZ)[$2,635-$2,605], and the first target would be to break the Uptrend line and the Support zone($2,574-$2,560).

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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Sep 20, 2024

Trade active

As I expected, gold entered the Potential Reversal Zone(PRZ)[$2,635-$2,605], the first short trade target can be $2,587, and if the Uptrend line breaks, we can expect gold to decrease to the Support zone($2,574-$2,560).