Gold Near $4,100 PRZ – Time for a Reversal?

أول أمس

Just like we discussed last week, Gold(XAUUSD) moved exactly as expected and hit its targets.

Now, as we start the new week, Gold is continuing to form a New All-Time High(ATH) and is currently near a Potential Reversal Zone(PRZ)[$4,150 – $4,074] and the $4,100 round number.

From an Elliott Wave perspective, it looks like Gold is completing wave 5, which could top out in this PRZ.

We’re also seeing a Regular Divergence(RD-) between the two consecutive peaks, which suggests that Gold might start a correction soon.

I expect Gold to begin a correction and at least drop down to the lower line of the ascending channel after breaking the Support zone($4,061 – $4,041).

Note: If Gold breaks the lower line of that ascending channel, we can expect further downside.

Note: Also, keep in mind that Powell speaks tomorrow, which could influence Gold’s movement. As I mentioned, a bullish DXY outlook could also help push Gold lower.

Second Target: $3,963

Stop Loss(SL): $4,153(Worst)

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Gold Analyze (XAUUSD), 1-hour time frame.

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أمس

تم فتح الصفقة

I just wanted to update that even though our stop-loss got hit, I’ve actually re-entered a short position. The upper line of the ascending channel is acting as a resistance, so we might see some downside from here. Of course, we should also keep an eye on Powell’s speech today, as that could influence things as well.

قبل ٢١ ساعة

ملاحظة

XAUUSD

Position: Short

Entry Point: 4141.000 USD  (Limit Order)

Take Profit: 4063.000 USD => Risk-To-Reward: 1.76

Second Take Profit: 4029 USD => Risk-To-Reward: 2.53

Stop Loss: 4185.200 USD

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