☝️ XAU/USD Historic Bullish Breakout After a Decade Correction ☝️

3 min read

Hi traders,

the XAU/USD is finally showing a bullish breakout after almost a decade of corrective price action. The current breakout could be part of an impulsive wave 3 (purple) and price is expected to continue higher towards the Fib targets.

XAU/USD

Monthly

The XAU/USD (gold) has completed the wave 1-2 (purple) pattern now that price is breaking above the resistance trend lines (dotted red). The bullish breakout is probably part of a larger wave 4-5 (red) pattern after price made a bullish bounce and reversal at the 50% Fibonacci level of wave 4 vs 3.

Daily

The XAU/USD has shown strong bullish momentum but currently price action is also moving down quickly. The upside is likely a bullish 5 wave pattern (purple), which in turn could complete a first wave 1 (pink). If that is the case, then the current pullback could be an ABC (purple) pattern within a wave 2 (pink). The wave B (purple) remains valid as long as price stays below the 100% Fib level of wave B vs A.

For more daily wave analysis and updates, sign-up up to our ecs.LIVE channel.

Good trading,
Chris Svorcik
Elite CurrenSea

Leave a Reply

avatar

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  Subscribe  
Notify of