XAU/USD: WAVE ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 2364.96 |
| Take Profit | 2560.00, 2650.00 |
| Stop Loss | 2293.80 |
| Key Levels | 2163.55, 2219.07, 2293.80, 2560.00, 2650.00 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 2293.75 |
| Take Profit | 2219.07, 2163.55 |
| Stop Loss | 2318.65 |
| Key Levels | 2163.55, 2219.07, 2293.80, 2560.00, 2650.00 |
Growth is possible.
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) forms. Now, the third wave of the lower level iii of 3 has ended, a local correction has formed as the fourth wave iv of 3, and the fifth wave v of 3 has started. If the assumption is correct, the XAU/USD pair will grow to the area of 2560.00–2650.00. In this scenario, critical stop loss level is 2293.80.
Main scenario
Long positions will become relevant above the level of 2293.80 with the targets at 2560.00–2650.00. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price below the level of 2293.80 will let the asset go down to the area of 2219.07–2163.55.
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