Gold’s Short-Term Setup!!!

5月12日

Gold(XAUUSD) started to fall today after the news "The United States has dropped its tariffs on Chinese goods to 30%, down from a brutal 145%, while China is slashing its own duties on US imports to just 10%, temporarily, for the next 90 days."

Gold is moving near a Heavy Support zone($3,198-$3,136).

In terms of Elliott wave theory, it appears that Gold has completed five downwaves, and we should expect Gold to rise at least to the Resistance zone($3,280-$3,245).

It is possible that selling pressure on Gold will increase again with the opening of the US market. But this analysis is in the short term, and it is likely to hit Target before the US market opens.

The Bullish Engulfing Candlestick Pattern can also be a sign of Gold rising, at least in the short term.

I expect Gold to rise to at least $3,241.890.

Note: Stop Loss(SL): $3204.820

Gold Analyze ( XAUUSD ), 15-minute time frame.

Be sure to follow the updated ideas.

Do not forget to put a 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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5月12日

交易進行

You can Transfer Stop Loss(SL) to Entry Point($3,219)= Risk Free

5月13日

交易結束：目標達成

Target Done