Technical Analytics Report

XAU/USD: Wave Analysis 14 May 2021

XAU/USD: Wave Analysis 14 May 2021


The pair may grow. 

On the daily chart, the third wave of the higher level (3) formed, a downward correction developed as the fourth wave (4), and the formation of the fifth wave (5) started. Now, the first wave of the lower level 1 of (5) has formed, and a local correction is developing as the wave 2 of (5). If the assumption is correct, after the end of the correction, the pair will grow to the levels of 1877.85–1958.98. In this scenario, critical stop loss level is 1738.82. 

Main Scenario 

Long positions will become relevant after the end of the correction, above the level of 1738.82 with the targets at 1877.85–1958.98. Implementation period: 7 days and more. 

Alternative Scenario 

The breakdown and the consolidation of the price below the level of 1738.82 will let the pair go down to the levels of 1676.05–1650.00. 

Scenario 

Timeframe: Weekly

Recommendation: Buy

Entry Point: 1824.88

Take Profit: 1877.85, 1958.98

Stop Loss: 1807.20

Key Levels: 1650.00, 1676.05, 1738.82, 1877.85, 1958.98 

Alternative Scenario 

Timeframe: Weekly

Recommendation: Sell Stop

Entry Point: 1738.80

Take Profit: 1676.05, 1650.00

Stop Loss: 1759.70

Key Levels: 1650.00, 1676.05, 1738.82, 1877.85, 1958.98


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