FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
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6
The pair may grow.

On the daily chart , an upward trend forms as the wave of the higher level C of (B), within which the local correction iv of C ended. Now, the wave (c) of iv has developed, within which the fifth wave of the lower level v of (c) of iv has formed. If the assumption is correct, the pair will grow to the levels of 1517.74–1557.48. In this scenario, critical stop loss level is 1449.75.

Main scenario

Long positions will become relevant during the correction, above the level of 1449.75 with the targets at 1517.74–1557.48. Implementation period: 7 days and more.

Alternative scenario

The breakout and the consolidation of the price below the level of 1449.75 will let the pair go down to the levels of 1430.00–1412.74.

Scenario

Timeframe Weekly
Recommendation BUY
Entry Point 1459. 40
Take Profit 1517.74, 1557.48
Stop Loss 1449.75
Key Levels 1412.74, 1430.00, 1449.75, 1517.74, 1557.48

Alternative scenario

Recommendation SELL STOP
Entry Point 1449.70
Take Profit 1430.00, 1412.74
Stop Loss 1456.30
Key Levels 1412.74, 1430.00, 1449.75, 1517.74, 1557.48
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