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XAUUSD "GOLD" Sets to Resume Wave 5 RallyGold has been making an impulsive advance since August 2018. According to Elliot Wave Theory, a five-wave move is known as an impulsive wave and sets the direction of the major trend. Gold seems to have completed wave 4 corrective pattern, as the correction terminated at upper boundary channel that connects wave 1-2 extends to the high of wave 1. The level also lined up with 38.2 Fibonacci retracement of wave 3 advance. Breaking down to lower timeframe: The price made a five-wave impulse in wave (i) from the 1446.07 area, and subsequent corrective move is an a-b-c expanded flat pattern in wave (ii). The correction also terminated at critical support circa comprising of 61.8 Fibonacci retracement, 1.236 extension of wave a of flat, and wave c support trendline. If this count is correct, Gold should resume higher from or near the current level, the breach of 1473.08 will confirm that wave (ii) has really bottomed. And if price trade below the invalidation level on the chart, I will need to review the analysis. What's your thought about Gold? Kindly let me know in the comment. Thanks, Veejahbee.
FX_IDC:XAUUSDLong
by Veejahbee
2
XAUUSD: Potential expanding/running flat suggests long entryIn the past couple of sessions, price dipped from $1514 to $1450 and is now suggesting either a regular or expanding flat (this is confirmed by price pushing below the previous low). At current levels, price is now forming an ending diagonal sequence this usually indicates reversal. We also have divergence on the RSI to support the ending diagonal reversal. However, a long entry has not yet been confirmed. It is therefore important to wait for confirmation.
FX_IDC:XAUUSDLong
by UnknownUnicorn5158708
Triangle Pattern Set up XAUUSD (GOLD) For a Potential RallyGold (XAUSUD) seems to have completed a contracting triangle corrective pattern in wave (4) as indicated by the wave structure of the sideways price action in September and October and by the converging trendlines that connected the extremes of waves (a), (b), (c), (d) and (e). According to Elliot Wave Theory, once a correction is completed, the price resumes in the direction of the major trend, which is bullish in this case. So a potential rally is highly probable in Gold in the weeks ahead, and the projected target is 61.8 Fibonacci extension (blue area) on the chart. TIP: The best entry guideline for Triangle is to wait for the price to break the extreme of wave (d) of the pattern and then placing the protective stop at the extreme of wave (e). Best of luck on the chart! Veejahbee.
FX_IDC:XAUUSDLong
by Veejahbee
5