Price action from $1355.21 on March 26, 2018 to ~$1316.31 on April 27, 2018 is corrective (3 waves) for XAUUSD. Besides, XAUUSD’s (Gold) downswing from ~ $1352.19 on April 19, 2018 to ~$1316.31 on April 27, 2018 held above the support 1 between $1314.34 and $1315.99.
The implication of the above is that XAUUSD should resume a bullish move back upwards as part of another correction (3 wave move) or impulse (resumption of the bullish trend) that should see XAUUSD (Gold) close above the high made on $1365.16 on April 11, 2018. Since both scenarios point upwards for XAUUSD (Gold), trades are safest when placed in the direction of the trend. In this case, a bullish bias is favored for XAUUSD (Gold).
The Target for XAUUSD as indicated for a long position is between $1355.74 and $1355.99.
Point of invalidation (POI) for this analysis is placed just below Support 2 which lies between $1307.94 and $1308.14. POI = $1306.13
The implication of the above is that XAUUSD should resume a bullish move back upwards as part of another correction (3 wave move) or impulse (resumption of the bullish trend) that should see XAUUSD (Gold) close above the high made on $1365.16 on April 11, 2018. Since both scenarios point upwards for XAUUSD (Gold), trades are safest when placed in the direction of the trend. In this case, a bullish bias is favored for XAUUSD (Gold).
The Target for XAUUSD as indicated for a long position is between $1355.74 and $1355.99.
Point of invalidation (POI) for this analysis is placed just below Support 2 which lies between $1307.94 and $1308.14. POI = $1306.13
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.