XAUUSD’s Final Wave Completion – What’s Next?
XAUUSD has formed a corrective pattern on the hourly chart, offering a potential breakout setup. The correction has spanned over two weeks, during which the price has frequently crossed the EMAs (50/100/200) on the hourly timeframe. Meanwhile, the 20 EMA has consistently acted as solid support on the daily timeframe.
The pair has completed its final wave 5 of wave (C) at 2604 and has since started to rise sharply. Currently, XAUUSD faces a strong resistance level at 2670, which marks the high of wave (B). If the price breaks above 2670, traders can target the following levels: 2685 - 2715 - 2735+. If the breakout fails, the correction may continue, as 2670 is the key hurdle for the bulls to overcome.
Further updates will follow soon.
The pair has completed its final wave 5 of wave (C) at 2604 and has since started to rise sharply. Currently, XAUUSD faces a strong resistance level at 2670, which marks the high of wave (B). If the price breaks above 2670, traders can target the following levels: 2685 - 2715 - 2735+. If the breakout fails, the correction may continue, as 2670 is the key hurdle for the bulls to overcome.
Further updates will follow soon.
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