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Fibonacci Retracement

GOLD → Market confirms downtrendFX:XAUUSD is testing resistance of a key descending channel. Bears continue to resist based on important fundamental aspects of the global economy Fears of further geopolitical escalation between Russia and Ukraine are likely to subside a bit. In addition, the Fed speech will help determine the U.S. central bank's future path on interest rates. Attention is focused on the December rate meeting.... Technically, the gold confirms the downtrend channel, so we have a key trend to follow in our trading decisions. A false breakdown of the local resistance at 2627 is forming. Consolidation of the price below this zone may provoke further decline Resistance levels: 2627, 2643 Support levels: 2694, 2560 Another resistance retest is possible. It will be possible to talk about buying after the price will be able to break 2643 and consolidate above this zone (additional scenario). But in priority I consider further decline from 2627 or from the channel resistance Rate, share your opinion and questions, let's discuss what's going on with ★ FX:XAUUSD ;) Regards R. Linda!
FX:XAUUSDShort
by RLinda
8
GOLD → Are the bears in doubt? Resistance aheadFX:XAUUSD strengthens to 2625, jeopardizing the local downtrend. Fundamentally, the situation is complicated, as well as technically... The metal price is actively influenced by the escalated geopolitical situation between Russia and Ukraine. The market is also watching the Middle East, as despite the reduced news flow, the situation is still tense. In addition, expectations of additional stimulus measures from China also favor the growth of prices for this metal. It is still unclear whether gold will be able to hold on to the bullish momentum as the price is approaching strong resistance and traders are cautious as they await new signals on the Fed's interest rate outlook. Technically, as the price is still within the boundaries of the local descending channel, it is worth considering selling from strong zones and levels. The situation will change when the price breaks (it is not a fact) the channel resistance... Resistance levels: 2626, 2643 Support levels: 2604, 2590 Most likely, the market seeks to test the resistance, relative to which a stalemate situation is forming due to the mixed fundamental background. A false break of 2643-2626 will strengthen the selling and bring us back to the downside. But an unexpected resistance breakout will bring back the buyers' motivation Rate, share your opinion and questions, let's discuss what's going on with ★ FX:XAUUSD ;) Regards R. Linda!
FX:XAUUSDShort
by RLinda
4
Tesla’s Next Move: Riding the Q3 MomentumDescription: In this analysis, we dive deep into Tesla’s recent performance and explore potential future price action. Fueled by an impressive Q3 earnings beat, Tesla has seen a bullish surge. Here, I’ll guide you through key technical and fundamental insights, using the FibExtender Pro to map out support and resistance zones, and provide a structured plan for potential entry, profit targets, and stop-loss levels. My goal is to offer a clear perspective for those considering Tesla’s next moves, balancing optimistic outlooks with realistic caution in case of market reversals. Introduction: NASDAQ:TSLA has been the talk of the market this past week, with its third-quarter earnings report surprising analysts and investors alike. The company not only exceeded revenue expectations but also showcased significant growth in profit margins, particularly in its energy generation and storage segments. This recent performance has set a bullish tone, sparking a 26% surge in Tesla’s stock price over just a few days. This idea aims to explore Tesla’s current momentum, analyze key technical levels using the FibExtender Pro script, and present potential trading opportunities for the days ahead. I’ll break down my thoughts into straightforward sections for entry points, profit targets, and stop-loss levels based on recent data, technical indicators, and broader market sentiment. Tesla’s Q3 Earnings Fueling the Bullish Trend Tesla’s third-quarter report painted an impressive picture, with strong revenue growth and margin improvements that bucked some of the broader economic trends affecting the automotive industry. As electric vehicle adoption accelerates, Tesla continues to leverage its market leadership, supported by CEO Elon Musk’s optimistic guidance on future vehicle sales and advancements in autonomous technology. Notably, the company reported a significant 20-30% expected vehicle sales growth for 2025, adding fuel to the stock’s upward momentum​. This positive sentiment, combined with Tesla’s ambitious long-term goals (such as robotaxi deployment by 2026), has prompted many analysts to revise their price targets. While some have remained cautious, noting high valuations, the consensus leans towards a bullish short- to mid-term outlook, primarily due to Tesla’s earnings momentum and strong brand positioning. Technical Analysis with FibExtender Pro: Key Levels to Watch Using the FibExtender Pro script, which identifies Fibonacci-based support and resistance zones, we can map out Tesla’s potential price action in the short term. As illustrated in the chart, two crucial levels have emerged: a resistance zone near $277 and a support zone around $233. Let’s walk through these levels and explore possible scenarios for Tesla’s price action. Resistance at $277 : This level has been marked as a critical resistance zone based on recent price action and Fibonacci retracement levels. Given Tesla’s recent surge, reaching this level is a strong possibility if the bullish momentum continues. A breakout above $277 would indicate a strong bullish continuation and could open doors for Tesla to test even higher resistance levels, potentially moving towards the $290-$300 range. Support at $233 : On the downside, $233 represents a major support level where buyers may step in if Tesla faces a pullback. This level serves as a safeguard against market reversals, providing a solid entry for those looking to buy Tesla at a discount if market conditions turn volatile. Potential Trade Setup Entry Point: If Tesla’s bullish momentum continues, entering around the $250-$255 range would be ideal. This level allows us to capitalize on upward momentum while keeping a buffer below the resistance zone. However, patience may be key here; waiting for a slight pullback or a consolidation period around this range could provide a better risk-to-reward setup. Profit Targets: First Target at $277 : This is the initial resistance level, and a prudent place to secure partial profits, particularly if Tesla faces resistance here as it did previously. Extended Target at $290-$300 : If Tesla breaks above $277 with strong volume, the next resistance zone sits in the $290-$300 range. Reaching this level would signal continued bullish strength and could offer further upside for those willing to hold. Stop-Loss Level: To manage risk, consider placing a stop-loss just below the support level at $233. This stop will protect against a deeper pullback, potentially caused by profit-taking or broader market weakness. A more conservative stop could be placed at $240 to accommodate minor fluctuations while still protecting capital. Analyzing Broader Market Conditions While Tesla’s recent earnings and price action are compelling, it’s crucial to account for the broader market context. Macro-economic headwinds, particularly interest rate hikes and inflation concerns, continue to affect growth stocks. Additionally, Tesla’s valuation remains high, and any negative shift in investor sentiment could lead to a correction. Here’s how these factors play into our analysis: Interest Rates : Rising interest rates could create resistance for high-growth stocks like Tesla, as higher borrowing costs can impact both consumer spending and Tesla’s operational expenses. EV Competition : Although Tesla remains the market leader, increased competition from other automakers, such as Ford and Rivian, could influence its long-term dominance. Keeping an eye on developments within the EV sector is essential for assessing Tesla’s sustainability. Considering these factors helps us balance the optimistic outlook with realistic caution, preparing for any unexpected shifts in market sentiment. My Thought Process Behind This Trade Idea From a technical perspective, Tesla’s recent surge post-earnings provides a strong bullish setup. By analyzing the FibExtender Pro ’s support and resistance levels, I’ve identified the $277 level as a short-term profit target. My goal is to provide readers with a comprehensive view of Tesla’s current momentum and map out a clear trading strategy, combining fundamental strength with Fibonacci-based technical analysis . This approach is especially helpful in markets like Tesla’s, where rapid moves often require adaptable entry and exit points. Furthermore, it’s essential to consider profit-taking strategies. As Tesla approaches each resistance level, locking in partial profits can protect against sudden reversals, while maintaining upside exposure for continued gains. With stop-losses positioned below support, this strategy offers a structured risk-reward setup, balancing bullish optimism with prudent risk management. Conclusion Tesla’s recent performance and bullish sentiment provide a promising outlook for the stock. However, as with any trading decision, it’s essential to balance the potential upside with well-planned risk management. Based on the FibExtender Pro analysis, Tesla’s next key resistance level lies at $277, with an extended target of $290-$300. Support at $233 offers a safety net in case of market corrections. This idea aims to guide traders through Tesla’s current setup, blending fundamental insights with technical precision. By following this structured approach, we can make informed decisions, capitalizing on Tesla’s momentum while safeguarding against potential pullbacks. Whether Tesla continues its bullish climb or encounters resistance, this analysis provides a framework to adapt and respond confidently. Key Takeaways: Entry Range : $250-$255 Profit Targets : $277 (first target), $290-$300 (extended target) Stop-Loss : Below $233 (preferably around $240 for a conservative buffer) This trading idea seeks to balance optimism with caution, setting realistic targets that align with Tesla’s recent performance and technical signals. Remember, while the bullish setup is promising, unexpected market shifts could impact Tesla’s trajectory. Stay alert, manage your risks, and adjust your strategy based on real-time market feedback. Trade safe and stay informed! Let’s make smart moves together. – TradeVizion
NASDAQ:TSLALong
by TradeVizion
Analisa BtcUSD dengan FollowthetrendChart Analysis: 1. Zero Lag Trend and Multi-Timeframe Trend: Multi-Timeframe Trend: Lower timeframes (5 min, 15 min): Bullish Higher timeframes (240 min): Bearish Daily timeframe: Bullish Overall, the price is in a mixed trend, with a potential pullback to a key support zone in lower timeframes. Zero Lag Trend Indicator: The red zone on the chart indicates bearish pressure near the resistance at 92,500. The green zone signals strong support around 91,850-91,900. 2. Fibonacci Levels and Liquidity: Fibonacci Auto Levels: The 0.618 retracement aligns near 92,000, a strong potential support level for a pullback. Liquidity Zones: A previous high at 92,500-92,600 acts as a liquidity target where price may spike before reversing. Long wicks show institutional activity and make these areas critical for SL and TP planning. 3. FU Candles and Imbalance: A bearish FU candle is visible near 92,500, indicating trapped liquidity above this level. Unfilled imbalance lies around 91,850, making it likely that price will test this area before continuing its trend. Trade Setup Recommendation: 1. Entry: Best Entry Zone: 91,850-91,900 This area is a strong support level based on Fibonacci retracement and unfilled imbalance. 2. Stop Loss (SL): Place SL below 91,600, just under the support zone, to avoid stop-outs due to price manipulation. 3. Take Profit (TP): TP1: 92,500 (close to immediate resistance and liquidity zone). TP2: 92,800 (upper liquidity zone, providing a more significant target if the bullish trend holds). 4. Risk-to-Reward Ratio: Minimum R ratio: 1:3 or better to balance risk and reward effectively. Reasoning Behind the Strategy: Fibonacci Confluence: The 0.618 retracement at 91,850-91,900 suggests a high-probability pullback zone. Institutional Liquidity Zones: Resistance at 92,500 indicates trapped liquidity, making it a prime TP area. Zero Lag Trend Confirmation: Higher timeframes support a long-term bullish bias, aligning with retracement and breakout targets.
BINANCE:BTCUSDLong
by priceactionindonesia
Alibaba: Will $BABA Bounce Back or Break Key Support (Daily TF)Hey everyone, below is an analysis on NYSE:BABA using MACD, RSI, Fibonacci levels and technical (gap) levels. Current Price Levels: NYSE:BABA is trading around $89.35, down significantly (~26%) from its October 7 high of $117.82. A notable gap between $85 and $86.95 suggests this is a key level of interest for potential support or further downside risk. Momentum Indicators: MACD: Shows signs of curling upward, which could indicate momentum shifting toward bullish sentiment. RSI: Currently not oversold (at 36), but still in a relatively low range, suggesting there is room for price recovery. Technical Levels: Gaps and Fibonacci retracements are marked as potential resistance and support zones: Gap resistance levels: $93.33-$95.05 and $96.80-$99.18. Higher resistance levels around $104.41 (gap from October 15) and $117.82 (October high). Previous daily high at $89.50 could act as near-term resistance. Fibonacci Levels: The chart includes a retracement from the October high ($117.82) to recent lows, with levels such as 0.236 ($90.29), 0.5 ($102.53), and 0.786 ($111.27) potentially serving as resistance on any upward move. Feedback and Outlook: Support and Resistance Analysis: Support: The gap zone between $85-$86.95 may provide a strong base if selling pressure continues. A break below $85 could indicate further downside. Resistance: Short-term resistance is seen at $90.29 (0.236 Fib level) and $93.33-$95.05 (gap resistance). These levels will likely be tested if buying pressure builds. Gaps to Be Filled: If the price begins to recover, the first upside target would be filling the $93.33-$95.05 gap. This aligns with Fibonacci retracement levels and may act as strong resistance. Outlook: Bullish Case: If momentum continues to build, expect a recovery toward the $93-$95 range, with further potential to reach $102 (50% retracement). This would require breaking above immediate resistance at $90.29. Bearish Case: If the current support at $85 fails, further downside to test levels around $80 or lower is possible. Final Thoughts: The chart suggests a cautious bullish outlook in the short term, especially if the $85 support holds. Watch for price action and volume around the resistance zones to confirm whether this is a dead-cat bounce or a true reversal. Currently in NYSE:BABA 1/17/25 $100c (BOT @ $1.73).
NYSE:BABALong
by Brandonthrives
Last Time XRPUSD Will Be Under $1! Raise the "Flags"!BITSTAMP:XRPUSD - Bull Flag Prediction Based on lack of Volume and price falling into a Descending Channel. The suspected Flagpole from the Low @ .4860 before the Rally to the current High @ 1.26541, suggest a potential 160% increase in price once a Bullish Break confirms the Bull Flag! First, Price will make a Retracement to the 38.2% Fibonacci Level, testing the July 2023 Highs and the Support of the Descending Channel around .94 - .92 cents. Added confluence is the Retracement would also be testing the 200 EMA since the appearance of Golden Cross across all Timeframes! This could be the Last Time BITSTAMP:XRPUSD sees below $1!! Rallies come in waves, if you missed the first, don't miss this one!!
BITSTAMP:XRPUSDLong
by Novi_Fibonacci
GOLD → Are the buyers back? What's going on?FX:XAUUSD is getting stronger after a false breakdown of support. The fundamental background also contributes to it. The focus is on resistance 2589 and 2618, which divide the market into two zones. The attention of the markets is shifting to the escalation of the conflict in Ukraine. Biden (or those above him) decided to escalate an already tense situation with his authorization of long-range missiles before leaving office. (A rather bizarre maneuver that generally characterizes Democrats as advocates of war, not peace). Gold has been reacting accordingly since the opening session. China is trying to strengthen its economy, and the dollar's consolidation after the rally gives gold fans a chance. Technically gold is in the range of 2604 - 2546. Since the opening of the session, the price has been rallying quite strongly, which increases the chances of resistance to stop this rise Resistance levels: 2589, 2604, 2618 Support levels: 2559, 2546, 2531 The situation is complicated due to the mixed fundamental background. False breakdown of 2589 and consolidation below this zone will strengthen the sales. But, there is a probability of retest of 2618 (liquidity zone). Similarly, a false breakout will trigger selling. But if the fundamental situation will strengthen in the direction of gold, the market will have a chance to change the local trend from 2618 Rate, share your opinion and questions, let's discuss what's going on with ★ FX:XAUUSD ;) Regards R. Linda!
FX:XAUUSDShort
by RLinda
15
NZDUSD → Consolidation before the continuation of the fallFX:NZDUSD amid bearish rally is not going to pull back, forming consolidation in front of 0.5894 with the purpose of continuing the fall... Last week the price tested the key support at 0.585, closing below the level, hinting that the market is ready to go further. The strong rise in the dollar is extremely negative for the forex market. The excitement has not subsided yet and most likely the current movements may get a continuation. Since we have a downtrend, we should prioritize selling from strong resistance zones or supports. Focus on the key range. Resistance levels: 0.5864, 0.588, 0.5912 Support levels: 0.584 Accordingly, I do not exclude the fact that the market may test the resistance in the format of a false breakdown and further fall. But, since we are close to the support now and the price is forming a pre-breakdown accumulation, we should consider a breakdown of the support in the first place Rate, share your opinion and questions, let's discuss what's going on with ★ FX:NZDUSD ;) Regards R. Linda!
Short
by RLinda
6
Gold --> Break out of channel and test low. Next target?OANDA:XAUUSD is in a strong downtrend after leaving the parallel channel. The price is preparing to update the local low. But! There are positive nuances from the news.... According to CME's FedWatch tool, traders are forecasting an 82% chance of the Fed cutting interest rates in December, up from around 58% before the data. However, investors believe that the new presidency could cause the Fed to pause its easing cycle if inflation spikes after the expected new round of tariffs, which could have an overall negative impact on XAU. Technically, gold is giving hints of a possible reversal by reacting to key support at 2550. In addition, H1 is starting to show a local down channel. Ahead of the key figures (PPI) and US weekly jobless claims, prices may still test these support areas, but then the market may reverse and find resistance, after which we can expect prices to start to decline gradually until the end of the market-wide euphoria....
OANDA:XAUUSDShort
by Bentradegold
The chart appears to analyze copper CFDs on a daily timeframeThe copper market is showing bearish tendencies, with price breaking below a critical symmetrical triangle pattern. Here are the key insights: 1.Technical Breakdown: Price recently broke the lower boundary of the triangle, signaling a potential continuation of the downtrend. Strong selling pressure is reflected by increased volume. 2.Support Levels to Watch: Immediate support: $4.00 (psychological level near the 50% Fibonacci level). Key support: $3.85 (61.8% Fibonacci retracement and ascending trendline). 3.RSI and Momentum: RSI still hovers above oversold levels, leaving room for further downside. Moving averages suggest sustained bearish momentum. 4.Risk and Opportunity: Traders should watch for a retest of the triangle's lower boundary (~$4.20) as potential resistance before further declines. Break below $4.00 could open doors for $3.85. 📊 What are your thoughts on copper's next move? Let me know in the comments!
CAPITALCOM:COPPER
by AngshumanSaikia
Tesla bearish gap fill for further highs!? Going along the lines of GAP fills since the beginning of the year #tesla have been filling all the gap fills apart from the last 2 big gaps that happened: . My thoughts: - will we see a sell off in the remaining weeks of the year? Fill in the 2nd to last remaining gap and then next year push all the way up to $450 - Do we see the sell off happen till president trump is elected as president and then the stock will fly back to the highs of this year? As Elon is part of D.O.G.E ————————————————————————
NASDAQ:TSLALong
by PipsandTicks1
USD/JPY Daily Chart AnalysisThe USD/JPY pair is currently moving within an upward channel, demonstrating a steady uptrend since the recent lows around 139.56. The pair has been respecting key Fibonacci retracement levels, which could act as areas of support and resistance. Key Levels to Watch: 0.236 Fibonacci Retracement (156.67): This level has served as a resistance zone, and a breakout above could pave the way for a test of the recent highs around 157.84. Support Zones: Immediate support is seen at the 0.382 retracement (153.40), with additional support at the 0.618 level (148.12). A break below the channel could see a retest of these supports. Indicators & Trends: Moving Averages: The 20-day and 50-day moving averages are acting as dynamic support levels, supporting the current bullish trend. Volume: There was a recent increase in volume as the pair rallied, suggesting strong buying interest. However, watch for any drop in volume, as it could signal weakening momentum. RSI (Relative Strength Index): The RSI is approaching overbought territory, so caution is advised as the pair nears resistance zones. Outlook: The pair may experience consolidation between the 153.40 support and 156.67 resistance levels in the short term. A breakout above 156.67 could lead to a potential test of 157.84 and beyond. Conversely, a breakdown below the support trendline may shift momentum towards the downside, targeting lower Fibonacci levels and potentially the key support near 143.88. Trading Plan: Bullish Bias: Wait for a confirmed breakout above 156.67, aiming for the 157.84 level. Bearish Bias : A confirmed break below the channel could signal a trend reversal, with initial targets near 150.75 and 148.12. Always consider using appropriate risk management.
Long
by AngshumanSaikia
1HR Fibs Gold pull-back to 61.8% Bounce-Up. Retail data soon I see that Gold pulled back to a Fibonacci sequence number 61.8% on the 1HR chart I was watching, there is probably similar on other time frames. I think the market is waiting for Retail Sales data, high number bullish for the dollar. But lets not forget the USD$ has had a good run the past 2 weeks, Gold has fallen in some ways due to the inverse history between the 2, but sometimes when the correction has been made where Gold has corrected, Gold may make a brake upwards despite USD strength and we also saw that yesterday beginning to happen. A lot of squeeze in the Gold price around 2570. I still favour a move upwards today. But wait for the data now and trade with the trend. Right after publishing this, Gold broke out. A bullish 5m cup pattern. 2569 to 2571 appears to be the buy zone , Golden-zone Fibonacci 31.2 to 50% level.
EIGHTCAP:XAUUSDLong
by Easy_Explosive_Trading
Alikze »» TRX | Wave 3 or C bullish scenarioIn time 2W, after an ascending wave and a double correction at the bottom of the channel, after successfully exiting the concentration, it is moving towards the specified targets. This upward wave is due to the structure in wave 3, whose micro waves will be presented in the next updates. But this upward move will have the ability to reach at least $0.58 and $1.2 in the long term. If no candlestick penetrates below 0.5177, this analysis will be valid for the specified purposes. 🟩Sup:0.097 ⛳️Tp 1:0.177 ⛳️ Tp2 : 0.58413 ⛳️ Tp3 :1.23008 »»»«««»»»«««»»»««« Please support this idea with a LIKE and COMMENT if you find it useful and Click "Follow" on our profile if you'd like these trade ideas delivered straight to your email in the future. Thanks for your continued support. Sincerely.❤️
Long
by alikze
11
SWING IDEA - JIO FINANCIAL SERVICESJio Financial Services , an emerging force in the financial sector, exhibits signs of a potential upward move, presenting a swing trading opportunity. Reasons are listed below : Strong Support Zone at 300 : This level has proven to be a strong support, enhancing the likelihood of a bounce. Bullish Hammer on Weekly Timeframe : A bullish hammer candlestick pattern indicates potential reversal and buyer interest at lower levels. 0.5 Fibonacci Support : The price is aligned with the 0.5 Fibonacci retracement level, suggesting that it could act as a springboard for further upward movement. 50 EMA Support on Weekly Timeframe : Trading above the 50 EMA adds to the bullish outlook and provides an additional layer of support. Target - 360 // 385 Stoploss - weekly close below 295 DISCLAIMER - Decisions to buy, sell, hold or trade in securities, commodities and other investments involve risk and are best made based on the advice of qualified financial professionals. Any trading in securities or other investments involves a risk of substantial losses. The practice of "Day Trading" involves particularly high risks and can cause you to lose substantial sums of money. Before undertaking any trading program, you should consult a qualified financial professional. Please consider carefully whether such trading is suitable for you in light of your financial condition and ability to bear financial risks. Under no circumstances shall we be liable for any loss or damage you or anyone else incurs as a result of any trading or investment activity that you or anyone else engages in based on any information or material you receive through TradingView or our services. @visionary.growth.insights
NSE:JIOFINLong
by Visionary_Growth_Insights
GOLD → How long will the correction last? Emphasis on 2590FX:XAUUSD after a false breakdown of 2546 forms a pullback and tests 2577. It is quite adequate reaction after such a strong fall. The fundamental background is still negative, and the dollar is accelerating its growth. Ambiguous economic data from China increased economic concerns. Uncertainty about future interest rate cuts by the US Federal Reserve also continues to weigh on the markets, especially after Powell said that there is no need to rush to cut rates as the economy is still growing, the labor market is robust and inflation is still above the 2% target. Now all eyes are on the all-important retail sales report.... Technically, it is worth paying attention to 0.5-0.7 fibo and resistance at 2589. A false breakdown and consolidation below these areas may trigger a fall. Resistance levels: 2577, 2589, 2594. Support levels: 2546, 2531, 2500 At the moment, gold is hinting that the pullback up may be a bit prolonged. Most likely MM will go for liquidity (above these levels) before the news. False breakout may provoke bears to activity, which will only strengthen the sales. But, a rebound from 0.5 fibo and a smooth return to 2546 will increase the chances of a breakdown and fall. Rate, share your opinion and questions, let's discuss what's going on with ★ FX:XAUUSD ;) Regards R. Linda!
FX:XAUUSDShort
by RLinda
13
GBPUSD → The fall after the breakdown will intensifyFX:GBPUSD continues to fall downwards. The price is testing the strong support at 1.267 and forms a false breakdown. The dollar is losing ground a bit in the meantime.... Theoretically, the currency pair after the false breakdown can form a correction (a trap or a crowd trick) before a further fall. Zones of interest in our case could be 1.272, 1.277, 1.28. Fundamentally, the situation is not the best, the pressure on the pound, on the background of the dollar rally, is present more than enough, accordingly, in the medium term we should expect a continuation of the fall. The trigger for this could be a false breakdown of resistance or a breakdown of 1.267 and consolidation below this zone. Support levels: 1.267, 1.261, 1,25 Resistance levels: 1.272, 1.277 We need to watch the price reaction to these key levels. If bears hold 1.267 and consolidate their positions below this zone, the fall will happen sooner. Regards R. Linda!
Short
by RLinda
2
Gold, strong support coming inHello everyone, after the election in the US Gold started a sharp pullback and lost 9% within 2 weeks. Now the price reached very strong support zones, built from former consolidations. These zones also match with order blocs on the weekly, 4H and 1H time frame (not shown on the chart). The RSI is highly oversold and the drop was the biggest one this year. All in all I think it's time for a correction at least. According to the Elliot wave theory we finished three waves down, the C wave was formed by a five wave move which is very common on five waves. If you are interested in the micro count, let me know in the comments. The orange area shows the potential resistance for the larger B wave. The green support zone should ideally hold to keep the bullish trend alive and the upper zone shows the fifth wave targets. The price could easily extend to 3000 dollar before a major correction should come.
FXOPEN:XAUUSDLong
by Kyrean