XAUUSD Soon Should Bottom & Find Buyers Around 1645.94 - 1453.47 Area

It is no doubt that XAUUSD is in a bullish sequence after it traded and broke above 2011 All-time highs at 1920.46. The current all-time high on XAUUSD that ended on 07 Aug 20 is proposed to have ended wave 3 Intermediate degree at 2076.13 and we are currently trading in wave 4 that we expect to end around 100 – 1.618 Fib extension of WX (Red) 1645.94 – 1453.47 before we can see a bounce higher towards wave 5 with a minimum target of 123.6 – 1.618 Reverse fib of wave 4 which can only be measured once wave 4 has bottomed.

XAUUSD is proposed to be trading in wave 4 for the past 7 months. From the peak we saw an impulsive move that ended wave (a) on 12 Aug 20 at 1863.08 followed by a bounce higher that ended a correction in a triangle on 16 Sep 20 in wave (b) at 1973.10 before we had impulsive move lower that completed wave (c) on 24 Sep 20 at 1847.36 which completed wave W in green.

After wave W in green ended at 1847.36, XAUUSD found buyers in 3 waves bounce (w) (x) (y) that ended at 1966.23 on 09 Nov 20 completing wave X in green. The pair found sellers again from 1966.23 in 3 waves (a) (b) (c) falling about 2025 points in 16 trading days ending wave (c) of Y of W at 1763.82 on 30 Nov 20.

After XAUUSD ended Higher Minor degree W (red) the pair saw bigger 3 waves bounce higher in abc green that ended at 1960.29 on 06 Jan 21 completing wave X in red. From 06 Jan 21 the pair traded lower in 3 waves (a) (b) (c) in purple that ended wave W in green of last leg Y at 1784.26 on 04 Feb 21 before we had what appears to be a running flat in wave X. After running flat ended we saw XAUUSD trading lower in what appears to be 5 waves that ended wave (a) in purple at 1675.62 before we saw a minor correction in 3 wave that ended wave (b) at 1755.67 on 18 Mar 21.

XAUUSD is proposed to be in the last leg of (c) to complete Y in green that should complete wave Y in red which is completing wave 4 in Yellow before we can see a bounce higher towards wave 5. However XAUUSD still needs to break the all-time high at 2076.13 to rule our bigger correction. We do not favor selling the pair at current price we only favor buying the pair at extremes in the Bluebox as see on above analysis.

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