Support Under Siege – Is Gold Ready for Another Leg Down?

7月9日

As I expected in the previous idea, Gold(XAUUSD) rose to $3,343 on the 1-hour time frame, but failed to break the Resistance zone($3,350-$3,326) and started to fall with relatively good momentum.

Do you think Gold can finally break the Support zone($3,312-$3,280) and Support lines, or will it rise again?

Gold is currently trading in the Support zone($3,312-$3,280) and near the Support lines. It has also managed to break the downtrend line.

In terms of Elliott Wave theory on the 15-minute time frame, Gold appears to be completing a main wave 4. The main wave 4 appears to follow Double Three Correction(WXY). Also, the main wave 3 is extended due to the high downward momentum.

I expect Gold to start falling again by entering the Potential Reversal Zone(PRZ)[$3,312-$3,304] or Resistance zone($3,302-$3,296) and eventually breaking the Support zone($3,312-$3,280) and Support lines, Gold's falling targets are clear on the chart.

Note: Stop Loss (SL) = $3,313

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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7月10日

交易進行

Short Position was activated

Due to the upward momentum of #gold yesterday, I did not activate the position.

7月10日

交易結束：目標達成

Target Done