Trend_Analyst

XAUUSD Wave 4 Complete? Potential to get long for wave 5

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
XAUUSD has been trading in a complex correction since hitting the 4th of September high. We can now count a complete Elliott Wave X-Y-Z pattern. The 1445 - 1455 area has provided good support / resistance in the past and the 38.2% retracement of wave 3 comes in at 1447.
We have bullish divergence on Stochastic indicating momentum could be shifting to the upside as the bulls start to take back control.

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