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XAU/USD: wave analysis

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XAU/USD: wave analysis
Scenario
TimeframeWeekly
RecommendationBUY
Entry Point2669.86
Take Profit2900.00, 3100.00
Stop Loss2461.55
Key Levels1997.50, 2282.25, 2461.55, 2900.00, 3100.00
Alternative scenario
RecommendationSELL STOP
Entry Point2461.50
Take Profit2282.25, 1997.50
Stop Loss2521.25
Key Levels1997.50, 2282.25, 2461.55, 2900.00, 3100.00

Growth is possible.

On the weekly chart, the fifth wave of the higher level (5) of 5 develops, within which the wave 1 of (5) formed, a correction ended as the second wave 2 of (5), and the third wave 3 of (5) forms. Now, the fifth wave of the lower level v of 3 is developing. If the assumption is correct, the XAU/USD pair will grow to the area of 2900.00–3100.00. In this scenario, critical stop loss level is 2461.55.

XAU/USD: wave analysis

XAU/USD: wave analysis

 

Main scenario

Long positions will become relevant above the level of 2461.55 with the targets at 2900.00–3100.00. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 2461.55 will let the asset go down to the area of 2282.25–1997.50.


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