Forex Trading Analysis
Hello guys. today is Thursday, August 1st 2024 I am going to analyze spot gold versus the US dollar pair let us start the top to bottom Eliot wave analysis inside the daily time frame the trend is up in spot gold daily time frame support is present at 2293.44 price level price action is the most likely going to rise up to print bullish wave three impul SL in the coming trading days a decisive bearish break below 2293.44 support area is going to end uptrend in daily chart of gold versus US dollar pair
At 4hour time frame PR action manages to break above the most recent swing high to me, spot gold Trend looks sideways in 4hour time frame
At 1-hour time frame, the trend is up in1-hour chart intraday support is present at 2403.0 price level price action is the most likely going to drop to print bearish W four pullback and then rise to print bullish W five impulse leg which offers a chance to join an uptrend in Gold a decisive bearish break below 2403.0 support level is going to end uptrend in 1-hour chart of gold versus United States dollar pair
more specifically the green color highlighted the area offers a buying opportunity which is the previous fourth wave of one lesser
