On the 1-hour timeframe, I estimate that XAUUSD is currently forming wave c of wave b of wave (a). This implies that XAUUSD still has the potential to strengthen, testing the 3379 level and possibly retesting the resistance area at 3403. However, caution is warranted going forward, as this outlook reflects the bearish scenario for XAUUSD.
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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.