Gold GOLD 25.04.2024 In gold, we currently have a situation locally that resembles an expanding triangle. This is a dangerous formation as it breaks through all levels, moves in different directions, and opens positions.
However, even in such a seemingly complicated situation, it is possible to find details that will support the probability of one scenario over another. For example, for now, I expect more growth than decline. This was also mentioned in yesterday's metal reviews. The question here is whether to trade this potential growth or simply wait it out and enter sales. It should be noted that the local growth fits into a slightly larger plan - a decrease based on the H4 signal. Therefore, growth on H1 in relation to H4 will be a side effect of our idea.
On the second chart, I have already marked two levels. The blue level is the signal level, that is, this is where we started to consider our H4 sell signal. As you can see, after the signal appeared, the market did not retrace to the north above this level, so medium-term sales did not enter here. That's precisely why I expect growth slightly above the signal appearance level, that is, above the 2343.71 mark. If we aim more precisely, we have targets at the 2355.43 mark. These targets are indicated by the gray horizontal level, they were determined based on the growth potential from the purchase signal on the hourly timeframe. It will make sense to enter sales for gold based on the higher H4 idea from approximately this level. If we recall the targets we are pursuing on H4, they will be at the 2256.64 mark. There are also intermediate targets for decline, also based on the H4 idea, located at the 2286.29 mark. This is the market, and we all understand that plans tend not to work out. Therefore, I personally exclude trading growth here because the market may reach the higher H4 targets without a northern correction.
