meszaros

XAUUSD correction is over.

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
XAUUSD correction is over. Technically, gold may have reached the end of its downward movement. According to my analysis, the correction has reached the upper range of W1ATR. W1 ATR is the average of the weekly movements over the last 14 weeks. This level could act as a strong support level. My analysis can be confirmed by the fact that the upper white square indicated on the chart which refers to the D1ATR distance, the wave movement symmetrically tested back(yellow square). I used these two results to conclude that I expect a rise from the current level(W1ATR). This level is 1851.26 usd. The target price for the rising wave sequence is unchanged, corresponding to the previous analysis of 2085.36 usd.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.