GOLD-10/1(Tue)-Monthly/Weekly/Daily/4Hour

GOLD (XAUUSD)

【Monthly】

The September monthly bar rose by breaking through the long-term rising channel that had been the target of the recent uptrend, with the body confirming around the 161.8% of wave 1
→ If the channel does not react further, it will be removed or redrawn; besides, there is no basis to draw on the monthly level, so we will look at lower time frames

【Weekly】

The situation is similar to when this year’s March–April highs were updated; there is no basis even at the weekly level until a zone or chart pattern is formed
The trend is up, but from the view of the starting point of the 2022 rally it also looks like a 5-wave formation is in progress, so a sharp drop from patterns like a W top is also anticipated
→ In any case, there is no entry basis at the weekly level at this time, so entries will be made on lower time frames

【Daily】

The daily has recently risen straight, and if it then forms a zone or chart pattern, the entry point will become clearer
→ When price pulls back, look for long with multiple corroborations; if it reverses, target a third wave short, and if new highs are made, entries should be on even lower time frames

Recently there was no pullback even on the 4-hour level, but finally a move that looks like a pullback has appeared, so when an entry point according to the method comes, I want to actively target it
→ Since the trend is upward, be cautious of easy shorts, and enter on multiple corroborations on 4-hour or lower time frames