Wave pattern on the H4 chart:
From mid-August, the gold price movement vector has changed to ascending. The rise of the course is expected at least to the calculated resistance.
Wave pattern on the H1 chart:
The last wave construction was the downward stretch of October 15. By mid-November, the wave was fully completed.
Wave pattern on the M15 chart:
On the graph, from November 13, the formation of the ascending wave continues. A high wave level indicates a rapid transition movement to a larger scale of movement. The structure lacks the final part (C).
Recommended trading strategy:
On the upcoming price increase in gold, short-term trading style advocates can earn. Conditions for a longer period investments have not yet been created.
Resistance zones:
- 1260.0 / 1265.0
Support areas:
- 1220.0 / 1215.0
Explanations of the figures:
The simplified wave analysis uses waves consisting of 3 parts (A – B – C). For the analysis, three main TFs are used. On every last part, the incomplete wave is analyzed. Zones show calculated areas with the highest probability of reversal.
The arrows indicate the wave marking by the method used by the author. The solid background shows the formed structure while the dotted shows the expected movement.
Note: The wave algorithm does not take into account the duration of tool movements over time. To conduct a trade transaction, you need confirmation signals from the trading systems you use!
The material has been provided by InstaForex Company -
www.instaforex.com