XAU/USD: WAVE ANALYSIS

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XAU/USD: WAVE ANALYSIS
Scenario
TimeframeWeekly
RecommendationBUY
Entry Point2308.04
Take Profit2480.00, 2560.00
Stop Loss2253.15
Key Levels2047.26, 2143.30, 2253.15, 2480.00, 2560.00
Alternative scenario
RecommendationSELL STOP
Entry Point2253.10
Take Profit2143.30, 2047.26
Stop Loss2289.70
Key Levels2047.26, 2143.30, 2253.15, 2480.00, 2560.00

The price is in a correction and may grow.

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) develops. Now, the third wave of the lower level iii of 3 is forming, within which the wave (iii) of iii has ended, and a local correction is ending as the wave (iv) of iii. If the assumption is correct, the XAU/USD pair will grow to the area of 2480.00–2560.00. In this scenario, critical stop loss level is 2253.15.

XAU/USD: WAVE ANALYSIS

XAU/USD: WAVE ANALYSIS

Main scenario

Long positions will become relevant above the level of 2253.15 with the targets at 2480.00–2560.00. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 2253.15 will let the asset go down to the area of 2143.30–2047.26.


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