On the 1-hour timeframe, I estimate that XAUUSD is currently at the end of wave v of wave (c). This suggests that the recent correction is relatively limited, having already tested the 3096–3122 area. Going forward, XAUUSD has the potential to strengthen toward the 3192–3250 zone.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.