OANDA: XAUUSD Gold Update by MR_gold2 — TradingView

⸻

Comprehensive technical analysis of gold

First: Overall artistic direction

The overall trend remains bullish in the medium term as the price is moving within a clear ascending channel.

However, the market is currently in the midst of a bearish correction within the channel after a strong rejection from the upstream supply zone.

Prices are now close to:
• Uptrend line
• Areas of high demand

This makes the current area the decision-making area of ​​the market.

⸻

Elliott wave analysis

Most likely scenario:

The driving wave is as follows:
1. The first wave of rise
2. The second wave of corrections
3. Strong 3 waves to the 5400 area
4. Fourth wave current correction

Currently, most of the market is within the ABC correction wave

one
↓
Second
↓
C (probably ends around 5050 – 5000)

Then he began to say:

The fifth wave is emerging

Expected goals later:

5450 – 5550

⸻

time analysis

Gold typically moves in cycles:
• Short-term correction process of 3-5 days
• Then comes the impulsive action.

Since the decline started around March 4, the correction may end at:

March 7-10

Then a new upward movement begins.

⸻

Numerical Analysis (Fibonacci)

Correction levels for the last wave:

38.2
≈ 5130

50
About 5050

61.8
about 5000

Prices are currently within this area.

This is a powerful area of ​​digital buying.

⸻

price action

IMPORTANT NOTE:
• Breaking of bullish structure on small frame
• But prices follow the main upward trend
• Liquidity below lows

This usually means:

Seize liquidity before it rises

⸻

Fair value gap (FVG)

It can be seen from the figure:

There are multiple price gaps compared to the price:

5200
5250
5300

The market usually comes back to fill these gaps.

⸻

Technical model

Can be configured:

Descending wedge pattern within an ascending channel

This is usually a bullish continuation pattern.

Breakouts usually occur on:

5200

⸻

Harmonic model

Gartley’s outlook is bullish

Point D is located approximately:

5000 – 5030

This is a strong reversal area.

⸻

supply and demand zone

High demand areas

5000
5020
5050

Institutional Procurement Area.

⸻

display area

5250
5300

Then comes the larger area:

5350
5400

⸻

support and resistance levels

support

5100
5050
5000
4950

resistor

5200
5250
5300
5400

⸻

Axial area

Current market focus areas:

5120 – 5150

on it
→ climb

under it
→ dropped to 5050

⸻

stable point

Basic stability points:

5095

If the price is fixed above
The market has an upward trend.

Break through 5080 and hold below
Opens access to:

5050
5000

⸻

Expected scenario

First scene (closest)

Simply drop down to:

5090-8085
Then go up:

5150
5200
5250
5300

⸻

Second case

Breaking through 5000

Opens access to:

4950
4900

But now this possibility is weaker.

⸻

recommend

Hope to buy from 5095-508
If a reversal signal occurs
Beware that a sustained move below 5080 could lead to a stronger decline
Stop loss as soon as possible
Target:

TP1
5120

TP2
5150

TP3
5184

TP4
5200
5247
5260
5300

⸻