20 Oct

XAUUSD Gold Price May Fall To 1595.91

October 20, 2021

By Orbex

The Gold structure suggests that the intermediate correction wave (4), is a triple zigzag consisting of minor sub-waves W-X-Y-X-Z.

As part of the correction (4), the final minor wave Z is under construction and is almost complete. If we take a closer look at its structure, we can see that it is a double zigzag of the minute degree. In order to conclude it is necessary to complete an actionary wave ⓨ.

Wave ⓨ will take the form of a double combination (w)-(x)-(y) of the minuette degree. This can end its pattern near 1595.91. At that level, minor waves Y and Z will be equal.

XAUUSD

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It is possible that the formation of the intermediate correction (4) was fully completed in the first half of September.

To confirm this option, bullish market growth and the development of an intermediate wave (5) will be necessary. Most likely, it will take the form of an impulse, which will consist of five minor sub-waves 1-2-3-4-5, as shown on the chart.

The price of gold could rise significantly above the level of 1917.03 in minor wave 3. The minor intervening wave X marked this.

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