XAU/USD: WAVE ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 2021.37 |
| Take Profit | 2145.00, 2250.00 |
| Stop Loss | 1975.55 |
| Key Levels | 1730.00, 1808.68, 1975.55, 2145.00, 2250.00 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 1975.50 |
| Take Profit | 1808.68, 1730.00 |
| Stop Loss | 2031.10 |
| Key Levels | 1730.00, 1808.68, 1975.55, 2145.00, 2250.00 |
Growth is possible.
On the daily chart, the fifth wave of the higher level (5) of 3 develops, within which the wave 1 of (5) ended, a downward correction formed as the second wave 2 of (5), and the third wave 3 of (5) develops. Now, the wave v of 3 is forming, within which a local correction has ended as the wave (ii) of v, and the wave (iii) of v has started. If the assumption is correct, the XAU/USD pair will grow to the area of 2145.00–2250.00. In this scenario, critical stop loss level is 1975.55.
Main scenario
Long positions will become relevant above the level of 1975.55 with the targets at 2145.00–2250.00. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price below the level of 1975.55 will let the asset go down to the area of 1808.68–1730.00.
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