Why do I think gold will continue bullish momentum till 26 July?

Dear Fellow Traders,

Why do I think like this?

What are the reasons behind it?

I am going to breakdown all of these.

Part A (Price Action)

1. Price had made last Higher High (2067) on 4 May 2023
2. Price had made the Major CHOCH (Change of Character) by breaking the previous Higher Low (1969) on 18 May 2023
3. So the Major CHOCH order block sets at (2007-2022)
4. Price never comes back to this zone again to execute more orders and continue downwards.
5. In fact price made series of Lower High and Lower Low till 29 June 2023
6. On 6 July price made a new Higher Low (1902)
7. On 12 July price had broke the previous Lower High (1935) and made a CHOCH (Change of Character)
8. So the CHOCH order block sets at (1912-1928)
9. Price will come back to this zone again and execute more orders to move up toward the zone (POINT 3 above)
10. Then FALL

Part B (Fundamental)

1. FED has announced before they had chance to hike the rate twice in coming days
2. On 26 July we have FOMC Statement and Federal Funds Rate
3. Analyst believe there is 89% of chances that FED will raise the rate by 25 point

註釋

4 Hour Break Down:

a) Price broke the neckline of inverted head and shoulder on 12 July
b) Left an unmitigated order block zone (1912-1926)
c) Made a new high at the strong key supply zone (1963-1968)

What's next then?

1. Either Price will break the 1955 zone and move to the unmitigated order block zone (1912-1926) where an discount zone also exists and shoot the price upwards

2. Or the price will go back to the strong supply zone (1963-1968) and execute more orders then do the (1)

註釋

1 Hour Break Down:

a) Price started Elliot Impulsive 1 from Right Shoulder on 6 July and completed it on 7 July.
b) Elliot Correction 2 was completed on 10 July at the zone of left shoulder support zone (1910-1913) and started the Elliot Impulsive 3
c) Elliot Impulsive 3 broke the neckline on 12 July and completed the wave on 13 July at key resistance level (1962-1968)

What's next then?

1. Either Price will start the Elliot Correction 4 from this key resistance level towards the Discount Zone of Wave 2-3 (1923-1932)

2. Or the price may retest the neckline and move upward.

註釋

Price is forming a Symmetrical Expanding Triangle

Any of these scenarios are possible.

But it seems like Bear will lead today's market.

A good short opportunity has formed.

註釋

So the price has completed the all waves inside the triangle.

Now lets see in which direction it breaks.

註釋

So it's happening as I mentioned above.

註釋

I am still adamant to this.

註釋

I am still confident that the price will come to either of these two unmitigated order block and then shoot up sharply

1st Zone: 1933.595-1936.540
2nd Zone: 1924.510-1926.880

註釋

I am fully confident now that GOLD will be Bullish till FOMC.

A good buy opportunity is possible from 1955 zone.

This 1985 zone seems an inducement level to me.

Price will collapse from 2000 zone after FOMC.

註釋

Price has broken the FALLING WEDGE.

註釋

So it is still bullish even 27 today that means we will certainly see GOLD price above 2000 very soon.

註釋

Please see the break down of H4 and H1 above

註釋

4 Hour Break Down:

a) Price broke the neckline of inverted head and shoulder on 12 July
b) Left an unmitigated order block zone (1912-1926)
c) Made a new high at the strong key supply zone (1963-1968)

What's next then?

1. Either Price will break the 1955 zone and move to the unmitigated order block zone (1912-1926) where an discount zone also exists and shoot the price upwards

2. Or the price will go back to the strong supply zone (1963-1968) and execute more orders then do the (1)

1 Hour Break Down:

a) Price started Elliot Impulsive 1 from Right Shoulder on 6 July and completed it on 7 July.
b) Elliot Correction 2 was completed on 10 July at the zone of left shoulder support zone (1910-1913) and started the Elliot Impulsive 3
c) Elliot Impulsive 3 broke the neckline on 12 July and completed the wave on 13 July at key resistance level (1962-1968)

What's next then?

1. Either Price will start the Elliot Correction 4 from this key resistance level towards the Discount Zone of Wave 2-3 (1923-1932)

2. Or the price may retest the neckline and move upward.

These were the breakdown of the H4 and H1 analysis.

註釋

Price has failed to retest the neckline so we have 2 unmitigated order blocks now

For Hour 4 Time-frame: 1912-1926
For Hour 1 Time-frame: 1923-1932

Will the price shoot up from these zones?

Lets see ....

I am confident now to go long after a bullish rejection or even a quick spike after the Unemployment news

註釋

My Gold buying zone 1923-1932

I am at long.

註釋

Awesome, I am invested total on GOLD today .....

Lets see

TP1 1950
TP2 1960
TP3 1970

註釋

Lets gooooooo

註釋

REMEMBER THE ZONE

My Gold buying zone 1923-1932

註釋

A good buying zone indeed in a 4 hours chart

註釋

Seems like more orders are executing 👌👌👌

Only unmitigated zone (1974-1983)

Will it be my target or more than it?!

Don't forget to boost and follow .....

註釋