XAU/USD: WAVE ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 1924.51 |
| Take Profit | 2011.90, 2075.38 |
| Stop Loss | 1898.95 |
| Key Levels | 1805.08, 1870.40, 1898.95, 2011.90, 2075.38 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 1898.90 |
| Take Profit | 1870.40, 1805.08 |
| Stop Loss | 1908.40 |
| Key Levels | 1805.08, 1870.40, 1898.95, 2011.90, 2075.38 |
Growth is possible.
On the daily chart, the third wave of the higher level 3 develops, within which the wave (5) of 3 forms. Now, a downward correction has ended as the fourth wave of the lower level 4 of (5), and the formation of the fifth wave 5 of (5) has started, within which the wave i of 5 is forming. If the assumption is correct, the XAU/USD pair will grow to the area of 2011.90–2075.38. In this scenario, critical stop loss level is 1898.95.
Main scenario
Long positions will become relevant above the level of 1898.95 with the targets at 2011.90–2075.38. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price below the level of 1898.95 will let the asset go down to the area of 1870.40–1805.08.
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