XAU/USD: WAVE ANALYSIS

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XAU/USD: WAVE ANALYSIS
Scenario
TimeframeWeekly
RecommendationSELL
Entry Point2362.65
Take Profit2272.78, 2219.07
Stop Loss2449.20
Key Levels2219.07, 2272.78, 2449.20, 2560.00, 2650.00
Alternative scenario
RecommendationBUY STOP
Entry Point2449.25
Take Profit2560.00, 2650.00
Stop Loss2412.35
Key Levels2219.07, 2272.78, 2449.20, 2560.00, 2650.00

The price is in a correction and a fall is possible.

On the daily chart, the fifth wave of the higher level (5) of 3 develops, within which the wave 1 of (5) formed, a downward correction ended as the second wave 2 of (5), and the third wave 3 of (5) forms. Now, the third wave of the lower level iii of 3 has ended, and a local correction is developing as the fourth wave iv of 3, within which the wave (b) of iv is forming. If the assumption is correct, the XAU/USD pair will fall to the area of 2272.78–2219.07. In this scenario, critical stop loss level is 2449.20.

XAU/USD: WAVE ANALYSIS

XAU/USD: WAVE ANALYSIS

Main scenario

Short positions will become relevant below the level of 2449.20 with the targets at 2272.78–2219.07. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price above the level of 2449.20 will let the asset grow to the area of 2560.00–2650.00.


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