| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 2308.04 |
| Take Profit | 2480.00, 2560.00 |
| Stop Loss | 2253.15 |
| Key Levels | 2047.26, 2143.30, 2253.15, 2480.00, 2560.00 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 2253.10 |
| Take Profit | 2143.30, 2047.26 |
| Stop Loss | 2289.70 |
| Key Levels | 2047.26, 2143.30, 2253.15, 2480.00, 2560.00 |
The price is in a correction and may grow.
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) develops. Now, the third wave of the lower level iii of 3 is forming, within which the wave (iii) of iii has ended, and a local correction is ending as the wave (iv) of iii. If the assumption is correct, the XAU/USD pair will grow to the area of 2480.00–2560.00. In this scenario, critical stop loss level is 2253.15.
Main scenario
Long positions will become relevant above the level of 2253.15 with the targets at 2480.00–2560.00. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price below the level of 2253.15 will let the asset go down to the area of 2143.30–2047.26.
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