Gold (XAUUSD) on the 15-minute chart is setting up for a significant bullish move following a corrective wave (4). The market is currently retracing to critical Fibonacci levels, presenting a strong opportunity for long positions.
Key Fibonacci Retracement Levels for Wave (4):
0.279 Fibonacci level: 2488.200
0.382 Fibonacci level: 2480.179
Upon finding support at these levels, the next impulsive wave (5) is expected to take XAUUSD to higher targets:
0.618 Fibonacci extension: 2545.609
1.000 Fibonacci extension: 2581.095
1.618 Fibonacci extension: 2638.504
These extensions highlight potential profit targets as gold continues its bullish trend. Traders should monitor the retracement closely for ideal entry points, aiming to capture the momentum in the upcoming wave.
This setup offers a compelling risk-reward scenario, especially for traders looking to capitalize on the ongoing strength in gold. Stay alert for the completion of wave (4) and prepare for the rally.
Key Fibonacci Retracement Levels for Wave (4):
0.279 Fibonacci level: 2488.200
0.382 Fibonacci level: 2480.179
Upon finding support at these levels, the next impulsive wave (5) is expected to take XAUUSD to higher targets:
0.618 Fibonacci extension: 2545.609
1.000 Fibonacci extension: 2581.095
1.618 Fibonacci extension: 2638.504
These extensions highlight potential profit targets as gold continues its bullish trend. Traders should monitor the retracement closely for ideal entry points, aiming to capture the momentum in the upcoming wave.
This setup offers a compelling risk-reward scenario, especially for traders looking to capitalize on the ongoing strength in gold. Stay alert for the completion of wave (4) and prepare for the rally.
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.
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.