Traders, taking a close look at the Gold market, it appears we’re seeing some classic Elliott Wave patterns unfold on the XAUUSD 45-minute chart. The completion of what looks like a corrective wave (4) could be setting the stage for the next bullish wave.
With the price action breaking the descending trendline that connected the highs of the previous waves, we've seen a pivot that suggests the end of the correction. What catches the eye is the potential for the initiation of wave (5), which, according to Elliott Wave Theory, could be the final push higher in the current impulse sequence.
The Fibonacci extension tool points to a target of 1.618 at 2436.503 for the peak of wave (5). As Gold tends to be a haven during times of uncertainty, any geopolitical tensions or shifts in the market's risk sentiment could fuel this move.
Given the luster of Gold's recent price activity, I’m considering a long position with the expectation of a climb towards the Fibonacci extension target, all while keeping risk management at the forefront of this strategy. It's crucial to keep an eye on volume and market news that could sway prices, and always be ready to adapt to the market's rhythm. Let's stay vigilant and aim for that golden opportunity!
With the price action breaking the descending trendline that connected the highs of the previous waves, we've seen a pivot that suggests the end of the correction. What catches the eye is the potential for the initiation of wave (5), which, according to Elliott Wave Theory, could be the final push higher in the current impulse sequence.
The Fibonacci extension tool points to a target of 1.618 at 2436.503 for the peak of wave (5). As Gold tends to be a haven during times of uncertainty, any geopolitical tensions or shifts in the market's risk sentiment could fuel this move.
Given the luster of Gold's recent price activity, I’m considering a long position with the expectation of a climb towards the Fibonacci extension target, all while keeping risk management at the forefront of this strategy. It's crucial to keep an eye on volume and market news that could sway prices, and always be ready to adapt to the market's rhythm. Let's stay vigilant and aim for that golden opportunity!
Trade active
Trade closed: target reached
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