Hello traders. Welcome to new blog post where we discuss trade setups across the major asset classes. In this post, we will discuss a recent setup on Gold (XAUUSD) for educational purposes.
Gold is in an all-time bullish sequence. The commodity continues to hit fresh record highs. It did that multiple times this year after breaking the previous record high of December 2023. As a result, trading Gold has been very straightforward for us. After breaking above the previous record high, we started buying the pullbacks in 3 or 7 swing structures across all the time frames. We kept our members updated and advised them to focus only on buying opportunities from the dips. Check out these recent setups we wrote about in August and October
12th November 2024 Gold (XAUUSD) Setup
After price reached a fresh record high on 30th October, 2024, a sharp sell-off started. The pullback lasted for two weeks. Meanwhile, on 12th November, we shared the chart below with members of Elliottwave-Forecast. We identified a double zigzag structure emerging from the top of 2789.99. In addition, we showed members where the pullback should finish for buying opportunities. Thus, traders had enough time to prepare their long positions from the blue box.
14th November Gold Update
Two days later, price made the last leg lower to complete the double zigzag structure in the blue box. From the blue box we expected recovery, in an impulse structure, to a fresh record high. However, we mentioned other possibilities which include a 3 or 7 swing bounce ending below 2789.99 and price turning lower. Thus, we recommended members to enter at 2563 and close half of their positions when price hits the 50% of wave (Y) and adjust rest of the position to the entry price. This way, they can run a risk-free trade to either make more profits or keep some profits.
19 November Gold Update
Price found support in the blue box as we expected. The 19th November update shared with members shows recovery as an impulse. We expect at least a 3-swing bounce if not an impulse recovery. Price has already reached the 50% of wave (Y). Thus, traders already closed half position in profit and left the rest at breakeven and open for more profits.
Therefore, whatever happens from now, this is a risk-free trade. Our job now is to continue to monitor the wave development and present to traders the right side and path to trade.
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