GOLD - History Repeating Itself... Again!

Nov 4, 2024

Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.

📔I find the Gold 4H chart interesting.

Do you see a pattern here?

Look at the first three purple projections.

Gold broke below a low (marked in red), which signaled the start of a correction.

The correction was short-lived as the bulls took control again by breaking back above the red zone, triggering the next impulse phase.

Currently, Gold seems to be pausing, which might indicate the start of another correction phase.

🔄If history repeats itself, to signal a new impulse movement, we first need a break below the current low around $2,710, followed by a break back above it.

This projection could lead to the upper bound of the blue channel, around $2,850.

📚 Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich