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XAU/USD: Wave Analysis

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XAU/USD: Wave Analysis
scenario
Time frameWeekly
RecommendationsSELL
Entry point2687.68
profit making2416.00, 2300.50
Stop loss2792.85
For main levels2300.50, 2416.00, 2792.85, 2950.00, 3100.00
Alternative scenario
RecommendationsBUY STOP
Entry point2792.90
profit making2950.00, 3100.00
Stop loss2740.55
For main levels2300.50, 2416.00, 2792.85, 2950.00, 3100.00

The price is in correction, and the possibility of decline continues to be maintained.

On the weekly chart, the development of the fifth wave with the larger level 5 continues, within which wave (5) of 5 is formed. On the daily chart, the third wave with the smaller level 3 of (5) has ended, and the correction is observed in the form of the fourth wave 4 of (5), within which wave a of 4 has been formed, and the correction is developing in the form of wave b of 4. If this prediction is correct, the XAU/USD pair will fall to the area of 2416.00–2300.50. The critical stop loss level for this scenario is considered to be the point 2792.85.

XAU/USD: Wave Analysis

XAU/USD: Wave Analysis

Main scenario

Short trades are effective below the level of 2792.85, with targets set at points 2416.00–2300.50. Execution period: 7 days and more.

Alternative scenario

Breaking and consolidating the price below the level of 2792.85 will allow the trading instrument to continue the downward movement to the area of 2950.00–3100.00.


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