The article covers the following subjects:
Highlights and key points
- Main scenario: consider long positions from corrections above the level of 2471.10 with a growth target of 2600.00 – 2700.00. A buy signal: if the price remains above 2471.10. Stop Loss: below 2440.00, Take Profit: 2600.00 – 2700.00.
- Alternative scenario: breakout and consolidation below the level of 2471.10 will allow the pair to continue declining to the levels of 2292.30 – 2161.56. A sell signal: after the level of 2471.10 is broken to the downside. Stop Loss: above 2500.00, Take Profit: 2292.30 – 2161.56.
Main scenario
Consider long positions from a correction above the level of 2471.10 with a target of 2600.00 – 2700.00.
Alternative scenario
Breakout and consolidation below the level of 2471.10 will allow the pair to continue declining to the levels of 2292.30 – 2161.56.
Analysis
The fifth wave of larger degree (5) is presumably developing on the daily chart, with the wave 3 of (5) forming as its part. On the H4 time frame, apparently, a correction finished developing as the fourth wave iv of 3, and the fifth wave v of 3 is forming. The third wave of smaller degree (iii) of v continues forming on the H1 time frame, with wave v of (iii) developing as its part. If the presumption is correct, the XAUUSD pair will continue to rise to the levels of 2600.00 – 2700.00. The level of 2471.10 is critical in this scenario as a breakout will allow the pair to continue falling to the levels of 2292.30 – 2161.56.
Price chart of XAUUSD in real time mode
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