ENGAbdulkadirHassanMohamud

1.Elliott Wave Pattern:The chart appears to follow an Elliott Wave structure, with waves labeled as a, b, and c in pink, likely indicating a corrective wave sequence.Additional waves labeled (W) and (X) in green suggest a complex correction or continuation pattern.2.Trend Channels:Two prominent trend channels are marked:A descending green channel that encompasses a broader bearish trend.A smaller blue channel, showing a temporary upward correction or consolidation within the larger trend.3.Possible Scenarios:The yellow markings inside the blue channel might indicate smaller corrective movements.After the completion of the blue channel's correction, the price could break downward, as indicated by the projected green wave (X) path leading to lower levels.4.Current Price:The gold price is around 2,626.93 USD at the time of the chart, with potential resistance near 2,640 USD (upper boundary of the blue channel) and support around 2,580 USD (projected lower levels).1. Buy Opportunity:Reasons to Consider Buying:If the price breaks above the upper blue channel, it could signal a bullish breakout, indicating further upward momentum.The support levels, such as around 2,620 USD or the lower green trendline, could act as strong areas to initiate a buy if the price holds there.If indicators like RSI (Relative Strength Index) or other oscillators show an oversold condition, it might suggest a reversal to the upside.Key Buy Levels:Near 2,620 USD, provided support holds.Above the upper blue channel, signaling potential upward continuation.2. Sell Opportunity:Reasons to Consider Selling:The price is currently within a corrective (blue) channel. If it breaks below the lower blue channel line, it could signal a bearish continuation.The green wave pattern labeled as (X) suggests the possibility of a deeper pullback to levels like 2,580 USD or lower.If the resistance near 2,640 USD holds and the price fails to break above it, it could lead to further downside.Key Sell Levels:Below the lower blue channel, confirming a breakdown.Near the resistance at 2,640 USD, if the price fails to break higher and starts reversing downward.3. Additional Analysis:Using Elliott Wave Theory:The current corrective wave structure ((W)-(X)-(X)) indicates that further downside is possible before a major reversal upward.If the correction completes near 2,580 USD, this could be an ideal long-term Buy opportunity.Indicators to Watch:Look for confirmation signals, such as trendline breaks, RSI reversals, or moving averages crossing to confirm the trend direction.Recommendations:Short-Term (Intraday): Consider selling if the price breaks below the lower blue channel.Long-Term: Consider buying if the price holds support at 2,580 USD or breaks above 2,640 USD.

Analysis Using Fibonacci Retracement LevelsThe chart indicates key Fibonacci levels (23.6%, 38.2%, 50%, 61.8%, and 100%). These levels are commonly used to identify potential support and resistance areas.The price is currently hovering around the 100% retracement level (2,613). This suggests the market has retraced fully from the most recent move.90% Level (2,624): The price has been rejecting this level multiple times, which may now act as resistance. A breakout above this could signal a continuation towards the 50% retracement level near 2,669.On the downside, 123% retracement level (2,587) and 161.8% (2,544) are critical zones to watch if the price breaks below the current level.EMA 200 and EMA 50EMA 200 (Yellow):The EMA 200 is currently positioned above the price, suggesting a bearish longer-term trend. This acts as a major resistance level, and a price break above it would be a strong bullish signal.EMA 50 (Red):The EMA 50 is currently much closer to the price. It may act as the first dynamic resistance. A crossover of the EMA 50 above the EMA 200 would be a bullish signal.Current PatternThe blue lines on the chart form an ascending wedge or channel, which is a consolidation pattern. Typically, this may lead to either a breakout to the upside or a reversal to the downside.Upside Scenario:If the price breaks above the wedge, the key target will be 2,632 (90%) and then the 50% Fibonacci level at 2,669.Downside Scenario:If the price breaks down, it could test 2,587 (123%) or even 2,544 (161.8%), aligning with bearish momentum.Key Levels to WatchResistance Levels:1. 2,624 (90% Fibonacci)2. 2,632 (Yellow EMA 200)3. 2,669 (50% Fibonacci)Support Levels:1. 2,613 (Current 100% Fibonacci level)2. 2,587 (123% Fibonacci)3. 2,544 (161.8% Fibonacci)Ascending Wedge Pattern (Blue Lines):It’s clear that the price is currently forming an ascending wedge pattern. This is a market structure that typically indicates a buildup before a breakout (to the upside) or a breakdown (to the downside).If the breakout occurs above the upper wedge line, it could signal a bullish move. If the breakdown happens below the lower wedge line, it could point to a bearish move.Key Resistance and Support Levels:Currently, the price is testing a resistance zone near 2,624.On the downside, the nearest support level lies at 2,613, a key level where the price has rebounded several times.Overall Market Condition:The market is in a consolidative state, appearing to prepare for a significant move. If you're trading this market, it’s better to wait for a clear breakout or breakdown from the wedge pattern before making any decisions.