Technical Analytics Report

XAU/USD: Wave Analysis Report 07 May 2021

XAU/USD: Wave Analysis Report 07 May 2021


Current Trend: 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) is developing, within which the correctional wave iv of 1 has formed, and the wave v of 1 is developing. If the assumption is correct, the pair will grow to the levels of 1841.90–1877.85. In this scenario, critical stop loss level is 1768.71. 

Main Scenario 

Long positions will become relevant during the correction, above the level of 1768.71 with the targets at 1841.90–1877.85. Implementation period: 7 days and more. 

Alternative Scenario 

The breakdown and the consolidation of the price below the level of 1768.71 will let the pair go down to the levels of 1721.02–1676.05. 

Scenario 

Timeframe: Weekly

Recommendation: Buy

Entry Point: 1820.52

Take Profit: 1841.90, 1877.85

Stop Loss: 1813.40

Key Levels: 1676.05, 1721.02, 1768.71, 1841.90, 1877.85 

Alternative Scenario 

Timeframe: Weekly

Recommendation: Sell Stop

Entry Point: 1768.65

Take Profit: 1721.02, 1676.05

Stop Loss: 1784.55

Key Levels: 1676.05, 1721.02, 1768.71, 1841.90, 1877.85


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