XAUUSD - Price Forecast UpdateHello everyone,
XAUUSD fell into the 1720-1670 zone last week as outlined in the previous quarter (see linked ideas).
This week's price action has seen gold enter the 1670s briefly before retracing back to current levels. We're expecting price to keep below the 1760 level and fall back into the marked zone.
Over the course of the month, we could potentially see some sideways action patterning a sequence of HH and HL below the 1780-1800 price level. That would be a good indicator for gold to resume the longer term upward trend soon.
There is the possibility that price moves deeper below 1670, if that scenario occurs then 1640 is your immediate level of support. Will assess in further detail should that occur.
Who's Elliott?
The primary wave count is still the same.
What we have seen in recent weeks is the potential completion of Wave C. The starting formation of a lesser degree correctional structure will confirm this. More on that once it becomes clearer.
Once again, staying aware of some of the possibilities. Let’s see how it plays out throughout the rest of the week.
Follow for further updates. Your 'likes' are much appreciated and your comments are most welcomed.
Thank you for taking the time. Trade Safe!
Beyond Edge
Disclaimer
This is not trading advice. All content/ information shared in this idea is purely educational in nature and is expected to be used for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
You should do your own research and analysis before making any investment decisions. Do not trade or speculate based on the information provided in this idea.
Trust your own analysis.
Beyond Edge
