On the 1-hour timeframe, XAU/USD has formed an Elliott Wave corrective structure. This is an expanded flat correction, typically seen in the 4th wave. The correction seems to have been completed at 3,054, suggesting that the 5th wave may be in progress.
For bullish traders, a potential long position can be considered around the 0.236 retracement level as a pullback entry point.
The 5th wave has the potential to reach the following upside targets: 3,110, 3,145, 3,165
However, this bullish outlook remains valid only if the low of Wave IV holds. A breakdown below this level would invalidate the bullish scenario.
For bullish traders, a potential long position can be considered around the 0.236 retracement level as a pullback entry point.
The 5th wave has the potential to reach the following upside targets: 3,110, 3,145, 3,165
However, this bullish outlook remains valid only if the low of Wave IV holds. A breakdown below this level would invalidate the bullish scenario.
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Related publications
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.