XAUUSD Impulsive Structure Hints At Final Leg

0 1,790

The current XAUUSD structure hints at a final impulse in wave ⑤. This is part of a larger cycle degree impulse. It consists of five sub-waves (1)-(2)-(3)-(4)-(5).

At the time of writing, the market has completed correction wave (4) as a zigzag. It consists of minor sub-waves A-B-C. This now suggests a bullish move in wave (5).

In wave (5). we could expect prices to rise above 2075.88. This is the high registered by impulse wave (3).

xauusd

An alternative scenario suggests that intermediary wave (4) is not yet complete.

Its structure points to an A-B-C zigzag, where minor wave C is incomplete.

We are now in the 4th corrective wave. This could complete near 1913.70. At this level, it will be at 61.8% of the 3rd impulse wave in C.

After completing this correction, the market could fall to the 1791.19 area. This is where intermediate correction wave (4) will be at 76.4% of wave (3).

Test your strategy on how gold will fare with Orbex - Open your account now. 

START TRADING

or practice on DEMO ACCOUNT

Trading CFDs Involves high risk of loss

Leave A Reply

Your email address will not be published.