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XAUUSD (Gold) 4hr tf analysis: Bullish bias

Price action from from Jan 25,2018 (~$1364.62) to March 20, 2018 at ~$1310.23 has been identified in this analysis as an intermediate wave (X). An intermediate wave (Y) upwards is anticipated to complete a zigzag Elliott wave structure.

The current upswing terminated at a minute wave ((iii)) position and a 38.2% to 50% retracement (i.e. between $1339.60 and $1336.59 respectively) is anticipated as the region of termination of minute wave ((iv)), after which XAUUSD (Gold) should resume its uptrend.

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The minimum termination price for the current uptrend is ~$1387.85 where intermediate wave (Y) = 61.8% of intermediate wave W Projections based on using wave C of a zigag= 61.8% of wave A of a zigzag

P.S. Analysis is based on OANDA FX’s data and may vary slightly depending on your broker.

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