Forex Trading Library

XAUUSD Global Corrective Trend Pushes Past $2100

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Gold is expected to form a global corrective trend, which takes the form of a cycle triple zigzag.

We now look to the final part of the actionary wave y. This took the form of a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ of the primary degree. The internal structure of the bearish cycle intervening wave x is visible, which at the time of writing took the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ and looks finished.

It is likely that in the next coming trading days, the price of gold will begin to gain momentum.

The growth in the final z wave could update the previous high of 2071.09, marked by the wave y.

Alternatively, we can expect the continuation of the downward price movement in the cycle wave x. It takes the form of a double zigzag, in which the primary actionary wave Ⓨ is now being formed.

The wave Ⓨ can take the form of an intermediate simple zigzag (A)-(B)-(C), as shown in the chart.

Gold in the intermediate impulse wave (C) in the upcoming days could fall to 1779.71. At that level, primary wave Ⓨ will be at 123.6% of primary wave Ⓦ.

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