Gold's Bear Trap—Ready for a Bullish Breakout?

12 lut

Today’s US inflation data came in hotter than expected, reinforcing concerns about persistent price pressures. Core CPI rose 0.4% (vs. 0.3% expected), while headline CPI jumped 0.5% (vs. 0.3% expected). Annual inflation also exceeded forecasts at 3.0%. In his speech, Fed Chair Powell signaled no urgency in cutting rates, further strengthening the US dollar(DXY).

According to the published US indexes, Gold(XAUUSD) suddenly fell but started to rise again from the Support line and created a Bear Trap.

Educational Tip: Basically, after every Bull or Bear Trap, the market moves against the created Trap.

Gold is moving near the Support zone($2,889-$2,878), 100_SMA(1-hour) and has managed to break the Resistance line, any pullback can be a good opportunity for us to take a Long position. Of course, you can enter the position in another way (be sure to follow the capital management).

According to Elliott's wave theory, Gold seems to have completed the Double Three Correction(WXY). One of the signs of completion can be the breaking of the resistance line.

I expect Gold to attack the Resistance zone($2,915-$2,905) in the coming hours.

Note: If Gold breaks the Support zone($2,889-$2,878), we should expect more fall and break the support line. Especially if Gold goes below $2,863.

Be sure to follow the updated ideas.

Gold Analyze ( XAUUSD ), 15-minute 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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13 lut

Zlecenie aktywne

Trade was activated.

14 lut

Transakcja zamknięta: osiągnięto wyznaczony cel

Target Done