Forex Trading Library

XAUUSD Impulsive Structure Hints To Upside

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The XAUUSD structure indicates that a bearish corrective wave (4) has ended. A rise in a new bullish impulse formed the minor waves 1 and 2.

Minor wave 3 is currently under development with the structure schematically on the chart.

With wave 3 rising, prices could reach the level of 1940.11. At that level, wave 3 will be at 161.8% of impulse 1.

xauusd elliott

However, the alternative scenario indicates an incomplete intermediate correction (4). In this situation, we are now in the final part of the second intervening wave X, which is a minute triple zigzag.

In the short term, we can expect an increase in the wave ⓩ near 1818.01. At that level, wave X will be at 50% of wave Y.

Finally, wave Z can end a long correction just below the previous low of 1678.01.

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