XAUUSD Outlook
Updated
Congratulations on traders who have followed my previous calls on the corrective wave ABC. Was slightly off for Wave B but nonetheless, no SLs were hit and all targets were achieved.
I have made adjustments to the chart, fixing the zigzag corrective wave that I initially thought it was to a flat and have since added the new impulse motive wave.
Currently, the price is within a megaphone correction after finishing the new impulse wave. So long as price does not break upwards of the megaphone pattern, bears can look to short 1845 for a possible target of 1808 with an SL slightly above 1862.
For bulls, wait for confirmation on the H4 chart on whether the candles have broke the megaphone pattern. If it closes above, bulls can look towards 1854 and 1862 by extension. Breaking of 1862 will guarantee the completion of the weekly teacup pattern and would send gold to a super bullish run towards 2000++ in the mid-long term.
I have made adjustments to the chart, fixing the zigzag corrective wave that I initially thought it was to a flat and have since added the new impulse motive wave.
Currently, the price is within a megaphone correction after finishing the new impulse wave. So long as price does not break upwards of the megaphone pattern, bears can look to short 1845 for a possible target of 1808 with an SL slightly above 1862.
For bulls, wait for confirmation on the H4 chart on whether the candles have broke the megaphone pattern. If it closes above, bulls can look towards 1854 and 1862 by extension. Breaking of 1862 will guarantee the completion of the weekly teacup pattern and would send gold to a super bullish run towards 2000++ in the mid-long term.
Trade active
Sell Limit at resistance 1854 has also been activated. Nonetheless, megaphone pattern has been broken upwards. Both sell positions at 1854 and 1845 TPs has been adjusted accordingly as well. TP1 will be at 1830 and TP2 will be at 1813Trade closed: stop reached
SL hit
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