Gold: wave analysis
By Roman Petuchov
Weekly. During the last 4 years the gold price has been forming global corrective movement. XAU/USD is forming a downward Zigzag , after the completion of which we expect gold to continue rising to the previous peak formed by the wave . At present, the pair’s forming a long downward momentum (c) of .
Daily. Here’s the layout of this impulse. We see the formation of a long horizontal correction IV, which has been forming since July of last year, so the pair has spent the whole year in the horizontal triangle, which will soon be completed. We now have to wait for the completion of the final Zigzag [E] of IV. Consider its layout on H4.
H4. Waves (A) and (B) look completely finished. Wave (B) is a simple Zigzag, and the correction B of (B) is a wave plane. The construction of the impulse (C) might have already begun, so the pair is expected to spend the entire week in the specified pulse.