The article covers the following subjects:
Highlights and key points
- Main scenario: consider long positions from corrections above the level of 2601.27 with a target of 2880.00 – 3000.00. A buy signal: if the price holds above 2601.27. Stop Loss: below 2590.00, Take Profit: 2880.00 – 3000.00.
- Alternative scenario: breakout and consolidation below the level of 2601.27 will allow the pair to continue declining to the levels of 2468.90 – 2356.76. A sell signal: once the level of 2601.27 is broken to the downside. Stop Loss: above 2610.00, Take Profit: 2468.90 – 2356.76.
Main scenario
Consider long positions from a correction above the level of 2601.27 with a target of 2880.00 – 3000.00.
Alternative scenario
Breakout and consolidation below the level of 2601.27 will allow the pair to continue declining to the levels of 2468.90 – 2356.76.
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 unfolding on the daily time frame, with wave v of 3 continuing forming as its part. On the H4 chart, the third wave of smaller degree (iii) of v is formed, a local correction finished developing as the fourth wave (iv) of v, and the fifth wave (v) of v continues unfolding. If the presumption is correct, the XAUUSD pair will continue to rise to the levels of 2880.00 – 3000.00. The level of 2601.27 is critical in this scenario as a breakout will enable the pair to continue falling to the levels of 2468.90 – 2356.76.
Price chart of XAUUSD in real time mode
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.
{{value}} ( {{count}} {{title}} )
This post is originally published on LITEFINANCE.
