Analyzing XAU/USD on the 3-hour chart using Elliott Wave Theory, I observed that wave (5) marked the end of the recent upward move. Following this, wave (a) initiated a downward correction. I am now expecting wave (b) to start an upward correction. The potential retracement levels for wave (b) are:
- 0.382 retracement level at 2391.328
- 0.5 retracement level at 2402.555
- 0.618 retracement level at 2413.782
If wave (b) retraces to these levels, it could provide a good entry point for a long position on XAU/USD, with an initial target near these retracement levels. Additionally, if the price falls further, wave (a) could potentially reach:
- 0.551 retracement level at 2354.985
- 0.618 retracement level at 2343.347
This setup suggests a long position on XAU/USD, anticipating a bounce from these levels and a continuation of the upward trend.
- 0.382 retracement level at 2391.328
- 0.5 retracement level at 2402.555
- 0.618 retracement level at 2413.782
If wave (b) retraces to these levels, it could provide a good entry point for a long position on XAU/USD, with an initial target near these retracement levels. Additionally, if the price falls further, wave (a) could potentially reach:
- 0.551 retracement level at 2354.985
- 0.618 retracement level at 2343.347
This setup suggests a long position on XAU/USD, anticipating a bounce from these levels and a continuation of the upward trend.
✅ Forex Signals: t.me/+1eNCww0VnIhkZjk0
✅ Gold Signals: t.me/+Lv-OaRnUglwyNGVk
✅ Index Signals: t.me/+tcp2c2diddE3MGU0
✅ Trading News: t.me/+o5xtmVcCPo9lMDRk
✅ Free Course:
t.me/+OYCcGLvaoMM3NGY0
✅ Gold Signals: t.me/+Lv-OaRnUglwyNGVk
✅ Index Signals: t.me/+tcp2c2diddE3MGU0
✅ Trading News: t.me/+o5xtmVcCPo9lMDRk
✅ Free Course:
t.me/+OYCcGLvaoMM3NGY0