XAU/USD: WAVE ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 1958.05 |
| Take Profit | 1908.20, 1884.50 |
| Stop Loss | 1974.70 |
| Key Levels | 1884.50, 1908.20, 2009.77, 2080.00, 2250.00 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 2009.80 |
| Take Profit | 2080.00, 2250.00 |
| Stop Loss | 1986.40 |
| Key Levels | 1884.50, 1908.20, 2009.77, 2080.00, 2250.00 |
The price is in a correction and a fall is possible.
On the daily chart, the fifth wave of the higher level (5) of 3 develops, within which the wave 1 of (5) formed, and a downward correction ended as the second wave 2 of (5). Now, the third wave 3 of (5) is developing, within which the entry first wave of the lower level i of 3 has formed, and a local correction is developing as the wave ii of 3. If the assumption is correct, the XAU/USD pair will fall to the area of 1908.20–1884.50. In this scenario, critical stop loss level is 2009.77.
Main scenario
Short positions will become relevant below the level of 2009.77 with the targets at 1908.20–1884.50. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price above the level of 2009.77 will let the asset grow to the area of 2080.00–2250.00.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.