Forex Trading Library

XAUUSD Final Impulse Builds Bullish Zigzag

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Chart of XAUUSD

In the long term, XAUUSD forms a primary double zigzag consisting of sub-waves Ⓦ-Ⓧ-Ⓨ.

The primary sub-waves Ⓦ-Ⓧ have already been formed with wave Ⓨ under development.

Wave Ⓨ will acquire a standard zigzag pattern. Intermediate waves (A) and (B), impulse and correction, have ended. It is likely that in the near future the price will continue to rise in the intermediate impulse (C).

Gold could rise to 2154.06. At that level, primary wave Ⓨ will be at 100% of wave Ⓦ.

Chart of XAUUSD

According to the alternative, the impulse wave (A) has recently ended, with a long minor correction 4 having a horizontal structure.

At the moment, we can expect a decline in the price and the development of an intermediate correction (B). It is still difficult to determine which correction model wave (B) will take.

However, it is possible to determine the approximate final of wave (B). At 1910.39, the correction (B) will be at 61.8% of impulse (A). Thus, we can expect a drop to the specified level.

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