XAUUSD Bearish Impulse To End Near 1721.96

January 28, 2022

By Orbex

Gold seems to be forming a downward correction trend. This takes the form of a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ of the primary degree.

Most likely, the four parts of this triple zigzag are already fully complete. We are now in the final actionary wave Ⓩ. It is likely that it will be simple in form and will take the form of a bearish zigzag (A)-(B)-(C).

Currently, the intermediate wave (A) and the bullish correction (B) in the form of a minor triple zigzag, have ended.

At the time of writing, we can notice a decrease in the last wave (C). This takes the form of an impulse consisting of minor sub-waves 1-2-3-4-5. The impulse decline could end near the level of 1721.96. That level was marked by the intervening wave (X), which is part of the primary wave Ⓧ.


Free Reports:

Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter





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.





In the second scenario, the intermediate correction wave (B) is still continuing its development. Most likely it could also take the form of a minor triple W-X-Y-X-Z zigzag.

We can assume that the decline in the minor intervening wave X has ended. Therefore the market could rise in the final actionary wave Z in the near future.

Most likely, the price will rise to the level of 1850.24, where the correction (B) will be at 76.4% of impulse (A).


Article 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

Share
Published by
InvestMacro

Recent Posts

Expert Says Secondary Metals Will Star in New Bull Market

Source: Streetwise Reports (10/30/24) Bob Moriarty of 321gold sat down with Francis Hunt of The…

22 hours ago

Stock indices under pressure ahead of US elections. Oil strengthened due to lower inventories

By JustMarkets The Dow Jones (US30) Index was down 0.22% on Wednesday. The S&P 500…

22 hours ago

Australia has seen a sharp decline in inflationary pressures. Silver rose to $34 an ounce

By JustMarkets At the end of Tuesday, the Dow Jones Index (US30) fell by 0.36%.…

2 days ago

AUD/USD Continues Downward Spiral Amid Economic Concerns

By RoboForex Analytical Department  The Australian dollar remains under significant pressure, with AUD/USD extending its…

2 days ago

GBPUSD could be in for mid-week “sneaky surprise”

By ForexTime GBPUSD’s forecasted volatility jumps 24% over past week UK government set to issue…

2 days ago

Bitcoin has reached the $70,000 mark. The Canadian dollar fell to last year’s lows

By JustMarkets The Dow Jones (US30) rose 0.65% on Monday. The S&P 500 Index (US500)…

3 days ago

This website uses cookies.