Gold at Resistance Zone>Technical Patterns>Potential Drop

לפני 6 ימים

The U.S. economic Indexes released on January 16, 2025, have implications for Gold(XAUUSD):

Core Retail Sales m/m: ncreased by 0.4%, slightly below the 0.5% forecast, indicating moderate consumer spending.

Retail Sales m/m: Rose by 0.4%, under the expected 0.6%, suggesting a potential economic slowdown.

Unemployment Claims: Reached 217,000, higher than the anticipated 210,000, pointing to a softening labor market.

These factors may lead to a weaker U.S. dollar and increased demand for gold as a safe-haven asset, potentially driving gold prices higher.
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Now let's take a look at the Gold chart in the 4-hour time frame and see how much Technical Analysis can help us predict the trend of Gold in the coming hours and days.

Gold is moving in the Resistance zone($2,743-$2,700) and near the Upper line of the Ascending Channel, the upper lines of the Rising Wedge Pattern and Time Reversal Zone(TRZ).

In terms of Classic Technical Analysis, Gold appears to be moving within the Rising Wedge Pattern.

According to Elliott's wave theory, Gold appears to be completing microwave C of the main wave Y. The wave count will change if the Resistance zone($2,743-$2,700) breaks.

Also, we can see the Regular Divergence(RD-) between Consecutive Peaks.

I expect Gold to start falling at least the Support zone($2,697-$2,689) and the lower line of the ascending channel after entering the TRZ and touching the upper line of the ascending channel and the wedge pattern.

Note: If Gold can break the Resistance zone($2,743-$2,700), we can expect an All-Time High(ATH) for Gold.

Be sure to follow the updated ideas.

Gold Analyze ( XAUUSD ), 4-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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לפני 6 ימים

עסקה פעילה

Trade was activated when Gold touched the upper line of the ascending channel.

Also, I did-risk free

לפני 6 ימים

עסקה סגורה: היעד הושג

I closed the gold short position with profit and will enter again if I find another short trigger.