EW analysis Gold (XAUUSD) continued to soar
XAUUSD Daily Chart
Gold on the daily chart continues to rise. We predict an upward trend in the structure of the third wave at Cycle Level (Wave III) where the internal subwaves have not yet been completed and Wave III is usually 1.618 x the length of Wave I at the 2004 level. The gold price on the daily chart still has a chance to increase.
XAUUSD 4Hour Chart
The impulse structure in the Primary wave((3)) continues to lack one more rise in the fifth wave which tends to equal the first wave of the same level at 1961. On completion, the price corrects in the in wave. ((4)) Primary to continue in wave ((5))
XAUUSD 1Hour Chart
The increase continues with a tendency to trade above But the retracement should not fall below 1911, which is the canceling level of the Motive structure where the second wave will not retrace below the start of the first wave.
