Gold Weekly Forecast: Daily chart: an ascending third wave of larger degree (3) is formed, a descending correction developed as the fourth wave (4), and the fifth wave (5) appears to be unfolding, with the third wave of smaller degree 3 of (5) starting to form inside.
Wave i of 3 appears to continue developing on the H4 chart, with a local correction formed inside as wave (iv) of i. Apparently, the fifth wave (v) of i is developing on the H1 chart, with wave iii of (v) of i forming inside. If the presumption is correct, the pair will continue to rise to the levels of $1913.87 – $2075.27. The level of $1780.63 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of $1719.30 – $1673.63.
Gold Weekly Trading Forecast
|BUY GOLD||Main scenario: consider long positions from corrections above the level of 1780.63 with a target of 1913.87 – 2075.27.|
|SELL GOLD||Alternative scenario: breakout and consolidation below the level of 1780.63 will allow the pair to continue declining to the levels of 1719.30 – 1673.63.|