The article covers the following subjects:
Highlights and key points
- Main scenario: consider long positions from corrections above the level of 2350.30 with a growth target of 2560.00 – 2650.00. A buy signal: after a breakout above 2350.30. Stop Loss: below 2330.00, Take Profit: 2560.00 – 2650.00.
- Alternative scenario: breakout and consolidation below the level of 2350.30 will allow the pair to continue declining to the levels of 2161.56 – 1988.70. A sell signal: after the level of 2350.30 is broken to the downside. Stop Loss: above 2370.00, Take Profit: 2161.56 – 1988.70.
Main scenario
Consider long positions from a correction above the level of 2350.30 with a target of 2560.00 – 2650.00.
Alternative scenario
Breakout and consolidation below the level of 2350.30 will allow the pair to continue declining to the levels of 2161.56 – 1988.70.
Analysis
The fifth wave of larger degree (5) is presumably developing on the daily chart, with 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. On the H1 chart, the first wave of smaller degree (i) of v is formed, a local correction developed as the second wave (ii) of v, and the third wave (iii) of v is developing. If the presumption is correct, the XAUUSD pair will continue to rise to the levels of 2560.00 – 2650.00. The level of 2350.30 is critical in this scenario as a breakout will enable the pair to continue falling to the levels of 2161.56 – 1988.70.
Price chart of XAUUSD in real time mode
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