The article covers the following subjects:
Major Takeaways
- Main scenario: Consider long positions from corrections above the level of 2955.75 with a target of 3300.00 – 3500.00. A buy signal: the price holds above 2955.75. Stop Loss: below 2920.00, Take Profit: 3300.00 – 3500.00.
- Alternative scenario: Breakout and consolidation below the level of 2955.75 will allow the XAU/USD pair to continue declining to the levels of 2830.61 – 2574.07. A sell signal: the level of 2955.75 is broken to the downside. Stop Loss: above 2990, Take Profit: 2830.61 – 2574.07.
Main scenario
Consider long positions from corrections above the level of 2955.75 with a target of 3300.00 – 3500.00.
Alternative scenario
Breakout and consolidation below the level of 2955.75 will allow the pair to continue declining to the levels of 2830.61 – 2574.07.
Analysis
The ascending fifth wave of larger degree 5 is presumably developing on the weekly chart, with wave (5) of 5 forming as its part. The third wave of smaller degree 3 of (5) appears to continue forming on the daily chart, with wave iii of 3 developing within. Wave (v) of iii is presumably in progress on the H4 chart, with wave v of (v) forming as its part. If the presumption is correct, XAU/USD will continue to rise to the levels of 3300.00 – 3500.00. The level of 2955.75 is critical in this scenario, as a breakout will enable the pair to continue declining 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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