XAU/USD: WAVE ANALYSIS

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XAU/USD: WAVE ANALYSIS
Scenario
TimeframeWeekly
RecommendationSELL
Entry Point1822.82
Take Profit1790.10, 1723.50
Stop Loss1833.75
Key Levels1723.50, 1790.10, 1882.00, 1947.00, 2011.90
Alternative scenario
RecommendationBUY STOP
Entry Point1882.00
Take Profit1947.00, 2011.90
Stop Loss1860.35
Key Levels1723.50, 1790.10, 1882.00, 1947.00, 2011.90

A fall is possible.

On the daily chart, the third wave of the higher level 3 develops, within which the wave (5) of 3 forms. Now, the first wave of the lower level 1 of (5) has formed, and a downward correction is developing as the second wave 2 of (5), within which the wave c of 2 is forming. If the assumption is correct, the XAU/USD pair will fall to the area of 1790.10–1723.50. In this scenario, critical stop loss level is 1882.00.

XAU/USD: WAVE ANALYSIS

XAU/USD: WAVE ANALYSIS

Main scenario

Short positions will become relevant below the level of 1882.00 with the targets at 1790.10–1723.50. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price above the level of 1882.00 will let the asset grow to the area of 1947.00–2011.90.

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