Gold price action @ 1D time frame
Based on recent technical analysis, it appears that gold prices are still moving within a stable range between support and resistance lines. However, there are some indications of potential increases in the near future.
At the 2-hour time frame, a harmonic pattern is showing consolidation that aims to reach a high of $2047 USD. This indicates that there may be a significant increase in price prior to any potential drops to a new bottom price.
Furthermore, the Elliott Wave analysis suggests that we can expect a significant increase in the 5th wave before the gold price falls to a new low. As such, it is important to keep a close eye on volume movements, which can provide early indications of potential sudden increases.
Based on this analysis, it is recommended that traders consider an entrance point within the consolidation area, with a stop loss positioned below the support line. A take profit level could be placed at the previous price peak or the target indicated by the harmonic pattern.
It is important to note that these levels are subject to adjusting as the market continues to fluctuate. Therefore, it is advisable to closely monitor the market and adjust trades accordingly.
At the 2-hour time frame, a harmonic pattern is showing consolidation that aims to reach a high of $2047 USD. This indicates that there may be a significant increase in price prior to any potential drops to a new bottom price.
Furthermore, the Elliott Wave analysis suggests that we can expect a significant increase in the 5th wave before the gold price falls to a new low. As such, it is important to keep a close eye on volume movements, which can provide early indications of potential sudden increases.
Based on this analysis, it is recommended that traders consider an entrance point within the consolidation area, with a stop loss positioned below the support line. A take profit level could be placed at the previous price peak or the target indicated by the harmonic pattern.
It is important to note that these levels are subject to adjusting as the market continues to fluctuate. Therefore, it is advisable to closely monitor the market and adjust trades accordingly.
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