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XAUUSD (Gold) 4hr tf analysis

Price swing for XAUUSD (Gold) from ~1353.67 on March 27,2018 to ~$1322.85 on March 29,2018 is identified in this analysis as a 5 wave move. This implies that XAUUSD should complete a zigzag (5-3-5) Elliott wave structure.

Arrows used on the chart show the trajectory for price action. The Target area for XAUUSD before a sell off is between $1356.82 and $1351.55.

gold 4h

Any sell off (i.e. blue arrow) that follows price reaching the target area should at least see XAUUSD (Gold) reach $1322.85

Point of invalidation (POI) for this analysis is a price close above $1356.82.

P.S. Analysis was carried out using FXCM’s data and prices mentioned above might vary slightly depending on your broker.

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