The article covers the following subjects:
Major Takeaways
- Main scenario: Consider long positions from corrections above the level of 2993.10 with a target of 3200.00 – 3500.00. A buy signal: the price holds above 2993.10. Stop Loss: below 2950.00, Take Profit: 3200.00 – 3500.00.
- Alternative scenario: Breakout and consolidation below the level of 2993.10 will allow the pair to continue declining to the levels of 2830.61 – 2574.07. A sell signal: the level of 2993.10 is broken to the downside. Stop Loss: above 3030.00, Take Profit: 2830.61 – 2574.07.
Main Scenario
Consider long positions from corrections above the level of 2993.10 with a target of 3200.00 – 3500.00.
Alternative Scenario
Breakout and consolidation below the level of 2993.10 will allow the pair to continue declining to the levels of 2830.61 – 2574.07.
Analysis
The fifth ascending wave of larger degree (5) is presumably developing on the daily chart, with wave 3 of (5) forming as its part. The third wave of smaller degree iii of 3 appears to continue forming on the H4 chart, with wave (v) of iii developing within. Wave v of (v) is in progress on the hourly chart. If the presumption is correct, XAU/USD will continue to rise to the levels of 3200.00 – 3500.00. The level of 2993.10 is critical in this scenario, as a breakout will enable the pair to continue falling to the levels of 2830.61 – 2574.07.
This forecast is based on the Elliott Wave Theory. When developing trading strategies, it is essential to consider fundamental factors, as the market situation can change at any time.
Price chart of XAUUSD in real time mode
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