arash_summe
Long

XAU/USD - It Could Be Bullish

OANDA:XAUUSD   Gold Spot / U.S. Dollar
It is a 5th-wave of an impulse. we expect that price rise to the 61.8% Fib Extension of 3th-wave. But it is possible to have a movement beyond this point and reach to the 78.6% Fib Extension level. Base on Fib Speed Resistance fan it could take 2d 4h for the price to rise to the 61.8% level and 4d to reach to the 78.6% level.
Trade closed: target reached

Comments

Nice idea on XAUUSD and there may be bullish bias as you have you have identified. For our set up, we have identified the key resistance and support levels for the short term. The first support that we have identified is at 1229.8 (100% Fibonacci extension, 38.2% Fibonacci retracement, Horizontal pullback support). Stochastic is approaching its support at 3.6% where a corresponding bounce could occur. If a bounce does occur, we may look at the 1240 resistance level (50% Fibonacci retracement , horizontal overlap resistance). Please have a look at our idea and share with us what you think.

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arash_summe ICmarkets
@ICmarkets, Thanks. I checked your idea and I liked it. 4th-wave of the larger degree retrace to the 1236.924 which is the 4th-wave of the smaller degree but it is quite possible for the 4th-wave to retrace more and even to the 1229.8 level that is more than 50% Fib retracement of 3th-wave. The level 1240 is could be the end of the 1st-wave or 3rd-wave( in case of retracement to the 1229.8) of the lower degree. Thank you for sharing your idea with me.
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