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XAUUSD (Gold) 4hr tf Elliott wave analysis

Price action from $1355.21 on March 26, 2018 to ~$1316.31 on April 27, 2018 is corrective (3 waves) for XAUUSD.  Besides, XAUUSD’s (Gold) downswing from ~ $1352.19 on April 19, 2018 to ~$1316.31 on April 27, 2018 held above the support 1 between $1314.34 and $1315.99.

 

The implication of the above is that XAUUSD should resume a bullish move back upwards as part of another correction (3 wave move) or impulse (resumption of the bullish trend) that should see XAUUSD (Gold) close above the high made on $1365.16 on April 11, 2018.

Since both scenarios point upwards for XAUUSD (Gold), trades are safest when placed in the direction of the trend. In this case, a bullish bias is favored for XAUUSD (Gold).The Target for XAUUSD as indicated for a long position is between $1355.74 and $1355.99.

Point of invalidation (POI) for this analysis is placed just below Support 2 which lies between $1307.94 and $1308.14. POI = $1306.13

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