Gold Rally Running Out of Steam? PRZ May Trigger Drop!

6 may

Gold(XAUUSD) has hit the targets as I shared with you in yesterday's idae. Will this uptrend of the past 5-6 days continue?

Gold seems to have broken through the Resistance zone($3,387-$3,357) and has been moving in an Ascending Channel for the past 5 days.

In terms of Elliott Wave theory, Gold appears to be completing microwave 5 of the main wave 3. The end of the main wave 3 can be at the Potential Reversal Zone(PRZ)[$3,440-$3,421].

Also, expect to see a clear Regular Divergence(RD-) between Consecutive Peaks at the Resistance zone($3,434-$3,406).

I expect Gold to start declining from the Potential Reversal Zone(PRZ)[$3,440-$3,421] and at least to the lower line of the ascending channel. This analysis is against the main trend, so pay more attention to money management.

Note: If Gold touches $3,448(Stop Loss(SL)), we can expect more pumps.

Note: If Gold falls below $3,342, we can expect a deeper decline than expected.

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.

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7 may

Operación activa

Short position was activated in Potential Reversal Zone(PRZ)[$3,440-$3,421].

PRZ could have been a good zone to close it if you have a long position.

7 may

Operación cerrada: objetivo alcanzado

Target Done

8 may

Nota

Full Target Done