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As the new week began, Gold( XAUUSD) continued its downward movement with a small gap, but the heavy support zone($4,550-$4,234) halted further decline.
From an Elliott Wave perspective, it seems gold has completed its 5-wave decline. One sign of completing the 5th wave was the formation of an expanding ending diagonal in wave 5.
From a classical technical analysis perspective, an inverse head and shoulders pattern has formed on the 15-minute timeframe near the heavy support zone($4,550-$4,234), signaling a potential rise.
I expect gold to continue its upward movement in the next few hours and attack the resistance zone($5,037-$4,878). If it breaks the resistance zone, it could reach the inverse head and shoulders target and potentially higher targets, depending on the momentum of the potential Breakout..
First Target: $4,964
SecondTarget: $5,031
Stop Loss(SL): $4,511
Points may shift as the market evolves
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📌 Gold Analyze (XAUUSD), 15-minute time frame.
🛑Always set a Stop Loss(SL) for every position you open.
✅This is just my idea; I'd love to see your thoughts too!
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