solidsnaketrades

Here is a elliot wave count bearish Idea on the 1 day timeframe, retract to tap liquidity between 410-420 as a B then break daily trend line and continue down to 0.618/0.786 fib levelsnote C wave can have its own waves, so this is quite rough forecast, espect interest around all fib levels especially the 50%

GOLD Chart BreakdownCurrent Price: 3,357.519Structure Focus: Still under the major downtrend line (red diagonal), price is reacting near resistance.Fibonacci Levels:0.382: 3,366.444 (resistance zone just tested)0.5: 3,392.6 / 3,392.90.618: 3,418.7 and 3,457.10.236 (local support): 3,334.0870.382 (next support): 3,328.6970 (retracement target): 3,281.785🧠 Key ObservationsRetest of Downtrend Line:The price is pressing into the trendline and has not decisively broken above it. Sellers are reacting in this area.Bearish Pressure Signs:Several candles show indecision or rejection wicks near the 3,360–3,366 area.Trendline remains unbroken — key resistance is holding for now.Fibonacci Confluence Zone (Sells Likely):0.382–0.5 retracement level (~3,366–3,393) is a likely sell zone, aligning with the trendline.Support Zones Below:Immediate: 3,334 (Fib 0.236)Medium-term: 3,328, and 3,281 (0% retrace)Further below: 3,249 and 3,120🔮 Next Week Projections (May 27–31)🔻 Primary Bearish Scenario (Higher Probability)Setup: Price fails to break above the trendline and 0.382–0.5 Fib resistance (~3,366–3,393).Action: Rejection confirms short entry.Targets:TP1: 3,334 (local support)TP2: 3,328TP3: 3,281 (major swing support / 0% retracement)Invalidation: Sustained breakout above 3,393–3,400🔺 Bullish Breakout ScenarioSetup: Clean breakout above trendline and 3,393, followed by support retest.Action: Long entry after retest with confirmation.Targets:TP1: 3,418 (0.618 Fib)TP2: 3,455 (0.786 Fib)TP3: 3,503 (previous high)✅ Watchlist for Trade SetupMonitor candlestick patterns near 3,360–3,393Look for confirmation from:RSI divergence or overbought conditions for shortsVolume surge for breakout validationBreak/retest structure

Simple trend from the ATH broken, 1 line price action for a long play

Trend & support based analysis for gold long without asia creating a new low and strong support created, my bias is long. snake.

after a strong run from 2390-2450 we can see some exhaustion and possible retrace to 2440-2430-2420 before the next leg up.2430 reached, possible long coming up here, even to the ATH, seems to be a strong supportlong 31.5hit 442 resistance, if breaks target todays high and moreasia high broken, letting this run for all time highs before friday NFPwas a close call overnight on the NY retracement, 42 has held up very strongly and the push continues asia session looking for highs before NFP