Main scenario: consider long positions from corrections above the level of 1819.49 with a target of 2016.08 – 2073.73.

Alternative scenario: breakout and consolidation below the level of 1819.49 will allow the pair to continue declining to the levels of 1760.88 – 1718.57.

Analysis: Daily time frame: presumably, the ascending third wave of larger degree (3) formed, and a descending correction developed as wave (4). The fifth wave (5) appears to be developing on the H4 time frame, with wave 1 of (5) formed and a local correction completed as wave 2 of (5) inside. The third wave 3 of (5) started developing on the H1 time frame, with wave i of 3 forming inside. If the presumption is correct, the pair will continue to rise to the levels of 2016.08 – 2073.73. The level of 1819.49 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1760.88 – 1718.57.



Price chart of XAUUSD in real time mode

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

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