XAUUSD Gold gold may drop into the range of 1681-1678
Cuan Asia - On weekly chart #XAUUSD #gold may fall into the range of 1681-1678 to complete a wave C.
This is the third wave of a big flat pattern developing from the August 2020 high of 2071.85. It is expected to travel close to the bottom of the wave A at 1679.89, a low touched in March 2021.
A projection analysis reveals a precise target of 1679.89 (100% level). A retracement analysis on the uptrend from 1045.76 marks a similar target of 1681-1678. The uptrend may toward into 1877.09 (61,8 % level).
Despite the medium-term drop, the long-term uptrend from 1045.76 remains intact. The trend adopted a five-wave mode. The flat makes up the wave 4, which will be reversed by a wave 5.
A closer look at the structure of the wave C on the daily chart suggests a five-wave mode. Either the wave 4 or the wave 5 is developing.
This is the third wave of a big flat pattern developing from the August 2020 high of 2071.85. It is expected to travel close to the bottom of the wave A at 1679.89, a low touched in March 2021.
A projection analysis reveals a precise target of 1679.89 (100% level). A retracement analysis on the uptrend from 1045.76 marks a similar target of 1681-1678. The uptrend may toward into 1877.09 (61,8 % level).
Despite the medium-term drop, the long-term uptrend from 1045.76 remains intact. The trend adopted a five-wave mode. The flat makes up the wave 4, which will be reversed by a wave 5.
A closer look at the structure of the wave C on the daily chart suggests a five-wave mode. Either the wave 4 or the wave 5 is developing.
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