The article covers the following subjects:
Major Takeaways
- Main scenario: Consider short positions from corrections below the level of 2792.90 with a target of 2418.82 – 2304.21. A sell signal: the price holds below 2792.90. Stop Loss: above 2800, Take Profit: 2418.82 – 2304.21.
- Alternative scenario: breakout and consolidation above the level of 2792.90 will allow the asset to continue rising to the levels of 2880.00 – 3000.00. A buy signal: the level of 2792.90 is broken to the upside. Stop Loss: below 2785.00, Take Profit: 2880.00 – 3000.00.
Main Scenario
Consider short positions from corrections below the level of 2792.90 with a target of 2418.82 – 2304.21.
Alternative Scenario
Breakout and consolidation above the level of 2792.90 will allow the pair to continue rising to the levels of 2880.00 – 3000.00.
Analysis
The fifth wave of larger degree 5 is presumably developing on the weekly chart, with wave (5) of 5 forming as its part. Apparently, the third wave 3 of (5) is formed on the daily chart, and a downward correction has started developing as the fourth wave 4 of (5). Wave a of 4 continues unfolding on the H4 time frame, with wave (iii) of a formed as its part. If the presumption is correct, the XAUUSD pair will continue to drop to the levels of 2418.82 – 2304.21. The level of 2792.90 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 2880.00 – 3000.00.
Price chart of XAUUSD in real time mode
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