The sustained and impulsive decline from February 2018 and down until August 2018 lows has been labeled as a complex Double Three in the Primary W (turquoise) degree.
In mid-August XAU/USD reacted with a bullish swing, and this move has been labeled as Intermediate (A) (light blue) within the larger degree Primary X (turquoise). Following that bounce-off, the sideways correction has been labeled as Intermediate (B) (light blue).
XAU/USD continued to rise afterwards, reflecting a Bullish Impulse within a rising Channel in Intermediate (C) (light blue).
Intermediate (C) (light blue) would be expected to continue and then to finalize the bullish sequence after a sideways corrective pattern. Should the sideways correction unfold, then the lower trend-line of the Ascending Channel would most likely be watched closely.
If the XAU/USD would manage to gain support on the above-mentioned trend-line, then the 5th wave for the up-side could aspire for the 78.6% Fibonacci Retracements of Primary W (turquoise), where the 261.8% Fibonacci Extensions of Intermediates (A) & (B) (light blue) also seem to be aligning.
The previously breached trend-line (dotted-red), could be retested repeatedly before a major change, and a rejection could occur after the bullish sequence would complete for Primary X (turquoise).
Gold would be closely watched by investors in the sessions to come, as it is approaching several significant resistances, such as the 1304.00 and/or 1320.00 levels.
A rejection at or near the significant trend-line could unfold as a bearish impulse towards new yearly lows, and the 1115.00 levels could be seen as turning points, should the Flat Pattern become a reality for Super-Cycle Wave (b) (black).
In mid-August XAU/USD reacted with a bullish swing, and this move has been labeled as Intermediate (A) (light blue) within the larger degree Primary X (turquoise). Following that bounce-off, the sideways correction has been labeled as Intermediate (B) (light blue).
XAU/USD continued to rise afterwards, reflecting a Bullish Impulse within a rising Channel in Intermediate (C) (light blue).
Intermediate (C) (light blue) would be expected to continue and then to finalize the bullish sequence after a sideways corrective pattern. Should the sideways correction unfold, then the lower trend-line of the Ascending Channel would most likely be watched closely.
If the XAU/USD would manage to gain support on the above-mentioned trend-line, then the 5th wave for the up-side could aspire for the 78.6% Fibonacci Retracements of Primary W (turquoise), where the 261.8% Fibonacci Extensions of Intermediates (A) & (B) (light blue) also seem to be aligning.
The previously breached trend-line (dotted-red), could be retested repeatedly before a major change, and a rejection could occur after the bullish sequence would complete for Primary X (turquoise).
Gold would be closely watched by investors in the sessions to come, as it is approaching several significant resistances, such as the 1304.00 and/or 1320.00 levels.
A rejection at or near the significant trend-line could unfold as a bearish impulse towards new yearly lows, and the 1115.00 levels could be seen as turning points, should the Flat Pattern become a reality for Super-Cycle Wave (b) (black).
