| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 2370.52 |
| Take Profit | 2650.00, 2750.00 |
| Stop Loss | 2294.25 |
| Key Levels | 1997.50, 2142.50, 2294.25, 2650.00, 2750.00 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 2294.20 |
| Take Profit | 2142.50, 1997.50 |
| Stop Loss | 2344.75 |
| Key Levels | 1997.50, 2142.50, 2294.25, 2650.00, 2750.00 |
The price is in a correction and may grow.
On the daily chart, the fifth wave of the higher level (5) of 3 develops, within which the wave 1 of (5) formed, a downward correction ended as the second wave 2 of (5), and the third wave 3 of (5) forms. Now, the fifth wave of the lower level v of 3 is forming, within which a local correction is ending as the wave (iv) of v. If the assumption is correct, the XAU/USD pair will grow to the area of 2650.00–2750.00. In this scenario, critical stop loss level is 2294.25.
Main scenario
Long positions will become relevant above the level of 2294.25 with the targets at 2650.00–2750.00. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price below the level of 2294.25 will let the asset go down to the area of 2142.50–1997.50.
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