XAUUSD ABC Expanded Flat in Formation.

FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
ABC Correction on XAUUSD in play. Previous yearly high break indicates an Expanded Flat formation within which Wave B is typically between 0.78% and 1.38% of Wave A (Purple box on chart outlines this area). As you can see price broke above the 0.78% and can potentially reach the 1.38% which is at 1799.18. If this occurs then Wave C is expected to put in a deeper retracement than Wave A.

Another possibility is a shorter wave B at around 1737-1743 area which results in a shorter Wave C. Will see how it plays out this week.

This is not trading advice and is expected to be used for analysis purposes only.

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