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XAU/USD: WAVE ANALYSIS

XAU/USD: WAVE ANALYSIS
XAU/USD: WAVE ANALYSIS
A fall is possible.
On the daily chart, the fifth wave of the higher level (5) of 5 develops, within which the wave 3 of (5) formed. Now, a correction is developing as the fourth wave 4 of (5), within which the wave a of 4 has formed, a correction has ended as the wave b of 4, and the wave c of 4 is forming. If the assumption is correct, the XAU/USD pair will fall to the area of 2416.00–2300.50. In this scenario, critical stop loss level is 2727.25.
XAU/USD: WAVE ANALYSIS
XAU/USD: WAVE ANALYSIS
Main scenario
Short positions will become relevant below the level of 2727.25 with the targets at 2416.00–2300.50. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price above the level of 2727.25 will let the asset grow to the area of 2950.00–3100.00.
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