XAU/USD: wave analysis 29 June 2020, 11:58

XAU/USD: wave analysis

29 June 2020, 11:58

Scenario
Timeframe	Weekly
Recommendation	BUY
Entry Point	1773.08
Take Profit	1800.00, 1820.50
Stop Loss	1764.10
Key Levels	1670.86, 1704.32, 1746.00, 1800.00, 1820.50

Alternative scenario
Recommendation	SELL STOP
Entry Point	1745.95
Take Profit	1704.32, 1670.86
Stop Loss	1759.85
Key Levels	1670.86, 1704.32, 1746.00, 1800.00, 1820.50

The price may grow.
On the 4-hour chart, an upward correction of the higher level develops as the wave (B), within which the fifth wave v of C of (B) forms. Now, the fifth wave of the lower level (v) of v is developing, within which the wave iii of (v) has formed, and a local correction has ended as the wave iv of (v). If the assumption is correct, the price will grow within the wave v of (v) to the levels of 1800.00–1820.50. In this scenario, critical stop loss level is 1746.00.


Main scenario
Long positions will become relevant during the correction, above the level of 1746.00 with the targets at 1800.00–1820.50. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1746.00 will let the pair go down to the levels of 1704.32–1670.86.