XAUUSD (Gold) analysis carried out last week can be found here:
In the analysis last week, an intermediate wave (Y) was anticipated that would see XAUUSD (Gold) continue its bullish trend. This is not what transpired based on market close for last week. XAUUSD instead sold off after reaching ~ $1356.66.
The current analysis shows a bearish scenario for XAUUSD with the major target region expected between ~$1334 and $1338. A corrective (3wave) move back to this target region means that the downtrend should continue and the least target for the sell off would be ~$1310.23. The point of invalidation for the bearish scenario is ~$1,346.97
In the event that XAUUSD pushes well past ~$1,338, it is likely that it will resume its bullish trend. In this case, the safest point to go long would be a breakout above its most recent high ($1,356.66). Conservative projections in this scenario give a possibility of Gold reaching ~$1,395.51 and higher projections (based on intermediate wave (W) and intermediate wave (X) ) give targets into the $1,500's for XAUUSD.
In the analysis last week, an intermediate wave (Y) was anticipated that would see XAUUSD (Gold) continue its bullish trend. This is not what transpired based on market close for last week. XAUUSD instead sold off after reaching ~ $1356.66.
The current analysis shows a bearish scenario for XAUUSD with the major target region expected between ~$1334 and $1338. A corrective (3wave) move back to this target region means that the downtrend should continue and the least target for the sell off would be ~$1310.23. The point of invalidation for the bearish scenario is ~$1,346.97
In the event that XAUUSD pushes well past ~$1,338, it is likely that it will resume its bullish trend. In this case, the safest point to go long would be a breakout above its most recent high ($1,356.66). Conservative projections in this scenario give a possibility of Gold reaching ~$1,395.51 and higher projections (based on intermediate wave (W) and intermediate wave (X) ) give targets into the $1,500's for XAUUSD.