Price swing for XAUUSD (Gold) from ~1353.67 on March 27,2018 to ~$1322.85 on March 29,2018 is identified in this analysis as a 5 wave move. This implies that XAUUSD should complete a zigzag (5-3-5) Elliott wave structure.
Arrows used on the chart show the trajectory for price action. The Target area for XAUUSD before a sell off is between $1356.82 and $1351.55.
Any sell off (i.e. blue arrow) that follows price reaching the target area should at least see XAUUSD (Gold) reach $1322.85
Point of invalidation (POI) for this analysis is a price close above $1356.82.
P.S. Analysis was carried out using FXCM's data and prices mentioned above might vary slightly depending on your broker.
Arrows used on the chart show the trajectory for price action. The Target area for XAUUSD before a sell off is between $1356.82 and $1351.55.
Any sell off (i.e. blue arrow) that follows price reaching the target area should at least see XAUUSD (Gold) reach $1322.85
Point of invalidation (POI) for this analysis is a price close above $1356.82.
P.S. Analysis was carried out using FXCM's data and prices mentioned above might vary slightly depending on your broker.