Technical Analytics Report

XAU/USD: Wave Analysis Report 19 March 2021

XAU/USD: Wave Analysis Report 19 March 2021


The pair is in a correction, a fall is possible.

 On the daily chart, the third wave of the higher level (3) formed, and a downward correction develops as the fourth wave (4). Now, the wave C of (4) is forming, within which the wave iii of C has formed, and a local correction is ending as the wave iv of C. If the assumption is correct, after the end of the correction, the pair will fall to the levels of 1622.21–1516.65. In this scenario, critical stop loss level is 1801.92.

 Main Scenario

 Short positions will become relevant during the correction, below the level of 1801.92 with the targets at 1622.21–1516.65. Implementation period: 7 days and more.

 Alternative Scenario

 The breakout and the consolidation of the price above the level of 1801.92 will let the price grow to the levels of 1877.85–1959.38.

 Scenario

 Timeframe: Weekly

Recommendation: Sell

Entry Point: 1732.03

Take Profit: 1622.21, 1516.65

Stop Loss: 1801.92

Key Levels: 1516.65, 1622.21, 1801.92, 1877.85, 1959.38

 Alternative Scenario

 Timeframe: Weekly

Recommendation: Buy Stop

Entry Point: 1801.95

Take Profit: 1877.85, 1959.38

Stop Loss: 1776.65

Key Levels: 1516.65, 1622.21, 1801.92, 1877.85, 1959.38


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