Gold Correction Ending — Time for the Next Rally?

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Gold(XAUUSD) is currently moving near the Support zone($3,350-$3,326) and the Monthly Pivot Point.

In terms of Elliott Wave theory, it seems that Gold is completing a corrective wave, and we should wait for the next impulse wave.

I expect Gold to start rising from the Support zone($3,350-$3,326) and rise to at least $3,393.

Second Target: $3,407

Third Target: $3,427

Note: Stop Loss (SL) = $3,317

Gold Analyze (XAUUSD), 1-hour 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.

Please do not forget the ✅ 'like' ✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.

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Giao dịch đang hoạt động

US CPI Data Released

Core CPI m/m: 0.3% (exp 0.3%)

CPI m/m: 0.2% (exp 0.2%)

CPI y/y: 2.7% (exp 2.8%)

Yearly CPI lower → slightly bearish USD, potential short-term boost for Gold

I think it is good to open a long position considering the position of gold, which is in the Support zone($3,350-$3,326) and near $3,333. Considering the Stop Loss=$3,317.

As I mentioned in my previous posts, $3,333 is a key level for Gold.

The first upside target for now could be around $3,374.

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Ghi chú

I transferred my Stop Loss(SL) to Entry point(EP)= Risk Free.

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Giao dịch được đóng thủ công

Risk Free was touched