We’ve published an Elliott Wave projection for XAUUSD, delivering a 70-point gain in just five trading sessions.
Click here to check it out: XAUUSD: Final Wave Completion – What’s Next?
Timeframe: 4H
MCX Gold has initiated an impulsive cycle from 68,379, forming the sub-structure of wave ((3)). The price is currently trading above the 20, 50, 100, and 200 EMAs. On this timeframe, the ADX is above 42, while the ATR stands at 322.
MCX Gold has completed wave (4) at 74,757 and is now advancing in the sub-structure of wave (5). Zooming in on the sub-structure, the price has begun forming sub-wave 3, which is about to unfold, followed by a corrective wave 4. If wave 5 breaks above the high of wave 1, the price could reach 80,400 or higher before a major correction begins.
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