XAUUSD (Gold) | Bearish | H4 | Strong Sell | Elliot Wave

As per my view and analysis based on my limited knowledge on Elliot Wave Theory. Gold has completed the upside move as there is a strong resistance towards upside at this level. Seems like an expanded flat and if it is then it will break the last low of 1670. MACD also suggests downward move now! Gold is now consolidating for a downward rally. Be prepared!
This is just an analysis and may be wrong. Trade cautiously with Stop Loss and use minimum risk/lot size!

You can SELL GOLD around 1765 - 1775 area

STOP LOSS - 1788
Target TP 1 - 1745
Target TP 2 - 1710
Target TP 3 - 1645

Best of Luck! :)
SWING TRADE!

Zlecenie aktywne:

It is a good level to take your entries and sell right now! @ 1772-1774

Komentarz:

You can move your SL to 1800 as the market can reverse at any moment from here. The resistance levels are very high at 1788 level.

Zlecenie aktywne:

Gold dropping steadily.. If you sold gold around 1770 area, you are now in profit :)

Zlecenie aktywne:

Gold is forming a consolidation flag pattern around 1774. There is a chance that it can retest its last high of 1789, break it and drop from 1790s level.. so place your Stop Loss around 1801 accordingly and manage risk. After that there will definitely be a big drop to the downside aiming at atleast 1700s or 1650s area.

Komentarz:

Gold seems to be forming a flag for downside and has started dropping gradually. Hopefully it will continue the downside trend till around 1700s area.