* Please see the Long-Term Analysis Post for a birds-eye view.
In our view, GOLD-XAU/USD is preparing to end the last leg within the Running Flat in Intermediate (B) (light blue), with its Minor C (red).
Minor C (red) unfolded with a Expanding Diagonal & a Channel towards Minutes iii & iv (blue).
Minute v (blue), the last leg, unfolded as an Extension, as per the 161.8% Fibonacci Extensions from Minutes iii & iv (blue).
Within Minute v (blue), Sub-Wave Minuette ( iii ) (black) has been confirmed with the 161.8% Fibonacci Extensions of Minuettes (i) & (ii) (black).
Minuette (iv) is expected to correct until 38.2-50% Fibonacci Retracements of Minuette ( iii ) (black).
Minuette (v) (black) is expected to end at the 61.8% Fibonacci Extensions of Minuettes ( iii ) & (iv) (black), which coincides with the 161.8% Fibonacci Extensions from Minutes iii & iv (blue).
The 1220.00 Levels are posing as Significant Support in our view, as per the Support Trend-Line (red) pointed on our chart.
We are not convinced that the Support Trend-Line would be Breached, although, should this be the case, we would see GOLD-XAU/USD heading towards 1180.00 Levels.
Should this pesimistic scenario happen, then the Corrective Structure for Intermediate (B) (light blue) would change into an Expanded Flat and we would be interested to buy around the 1180.00 Levels.
In case of Continuation and Breach, it would be good to watch for a and then consider selling towards 1180.00 Levels.
GOLD-XAU/USD is expected to form a at the 1220.00 Levels and confirm the end of Minor C (red), leaving room for Intermediate (C) (light blue) to begin its Cycle.
GOLD-XAU/USD - BUY Position:
Entry - 1220.00
SL - 1193.00
TP - 1304.00
* Safety Measures:
- When in the green, move SL to break-even or in profit.
- If Conservative, wait for a Impulse and BUY on the next Local Retracement or, in case of Breach, watch for Flag and sell towards 1180.00 Levels.
Many pips ahead!
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