| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 2660.05 |
| Take Profit | 2416.00, 2300.50 |
| Stop Loss | 2792.85 |
| Key Levels | 2300.50, 2416.00, 2792.85, 2950.00, 3100.00 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 2792.90 |
| Take Profit | 2950.00, 3100.00 |
| Stop Loss | 2740.55 |
| Key Levels | 2300.50, 2416.00, 2792.85, 2950.00, 3100.00 |
The price is in a correction, a fall is possible.
On the weekly chart, the fifth wave of the higher level 5 develops, within which the wave (5) of 5 forms. On the daily chart, the third wave of the lower level 3 of (5) has ended, and a correction is developing as the fourth wave 4 of (5), within which the wave a of 4 has formed, and a correction is developing as the wave b of 4. 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 2792.85.
Main scenario
Short positions will become relevant below the level of 2792.85 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 2792.85 will let the asset grow to the area of 2950.00–3100.00.
Disclaimer: The views expressed are solely those of the author and do not represent the official position of Followme. Followme does not take responsibility for the accuracy, completeness, or reliability of the information provided and is not liable for any actions taken based on the content, unless explicitly stated in writing.
Leave Your Message Now