15 Nov

XAUUSD Has Wave X Peaked?

November 15, 2021

By Orbex

The current XAUUSD formation suggests that the market has completed the construction of a cycle intervening wave x. It took the form of a primary double zigzag. This is marked with three green sub-waves Ⓦ-Ⓧ-Ⓨ.

In the upcoming trading weeks, the development of an impulse pattern is likely. The first half of the impulse includes intermediate sub-waves (1)-(2)-(3).

The market could fall below the previous low of 1786.08. A minute second correction formed this level.

Gold

Free Reports:

Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.





Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter




An alternative option shows the development of cycle intervening wave x has not ended. Most likely, its last leg, the actionary wave Ⓨ of the primary degree, is currently under construction.

In the final intermediate sub-wave (Y) two parts have ended. These are impulse A and the horizontal correction B in the form of a double three.

In the near future, the upward movement could continue in the minor impulse wave C. In other words, it could continue in its final part – the bullish impulse ⓥ.

There is a chance that the bulls will be able to push the price to the level of 1916.08, at which wave C will be at 200% of wave A.

Orbex-LogoArticle by Orbex

Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com


investmacro cot newsletter




Financial News Metals