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Precious Metals Market Update

Solid ECN

Well-known member

XAUUSD - A fall is possible.​

On the daily chart, a downward correction develops as the fourth wave of the higher level (4), within which the wave C of (4) forms as a momentum. Now, the fifth wave of the lower level v of C of (4) is developing, within which the wave (iii) of v is forming.

If the assumption is correct, the pair XAUUSD will fall to the area of 1570 – 1515.1. In this scenario, critical stop loss level is 1616.21.

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Solid ECN

Well-known member

XAGUSD - Growth is possible.

On the daily chart, a downward correction of the higher level ended as the second wave (2), within which the wave C of (2) formed, and the development of the third wave (3) started. Now, the first entry wave of the lower level i of 1 of (3) is developing, within which the wave (iii) of i has formed, a local correction has ended as the wave (iv) of I, and the wave (v) of i is developing.

If the assumption is correct, the XAGUSD pair will grow to the area of 22.47–23.7. In this scenario, critical stop loss level is 18.81.

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Solid ECN

Well-known member

XAUUSD Analysis​

The gold price has broken through Friday’s high, and the price has been corrected since then. The market is now driving to the Additional Zone 1667 – 1666. The AZ is a strong support level, after the test of which, one could enter new purchases with a target at yesterday’s high.

If the AZ is broken out downside, the correction will continue down to the trend key support 1653 – 1650. After the key support test, I also recommend entering purchases with the target suggested above.

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  • Buy in Additional Zone 1667 - 1666 | Take Profit: 1681 | Stop Loss: according to the pattern rules.​
  • Buy in Intermediary Zone 1653 - 1650 | Take Profit: 1681 | Stop Loss: according to the pattern rules.​
 

Solid ECN

Well-known member

Gold - Growth is possible.​

On the daily chart, a downward correction ended as the fourth wave of the higher level (4), within which the wave C of (4) formed as a momentum. Now, the development of the fifth wave (5) has started, within which the first entry wave of the lower level 1 of (5) is developing.

If the assumption is correct, the XAUUSD pair will grow to the area of 1808.08–1881.56. In this scenario, critical stop loss level is 1615.79.

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Solid ECN

Well-known member

XAGUSD - Growth is possible.​

On the daily chart, a downward correction of the higher level ended as the second wave (2), within which the wave C of (2) formed, and the development of the third wave (3) started. Now, the first entry wave of the lower level i of 1 of (3) has formed, within which the wave (v) of i has ended.

If the assumption is correct, after the end of the local correction ii of 1 of (3), the XAGUSD pair will grow to the area of 23.7–25. In this scenario, critical stop loss level is 19.25.

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Solid ECN

Well-known member
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Crude Oil - A fall is possible.

On the daily chart, the first wave of the higher level (1) formed, and a downward correction develops as the second wave (2), within which the wave А of (2) forms. Now, the fifth wave of the lower level v of A is forming, within which the wave (iii) of v is developing.

If the assumption is correct, the price of the asset will fall to the area of 67 – 52.25. In this scenario, critical stop loss level is 90.30.

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Solid ECN

Well-known member
XAUUSD - drop in demand for the metal is a catalyst for lower quotes

The instrument completed an upward correction and again moved to a decrease against the backdrop of alarming data from China, where deaths of citizens infected with coronavirus were recorded over the weekend. One of the largest industrial centers of the country, Guangzhou, has already been quarantined, and fears that the Chinese authorities may again go for a complete lockdown of the country are growing, which could threaten a temporary loss of the largest market for gold.

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On the daily chart of the asset, the price has left the limits of a wide downward channel and is still trying to return to the resistance line in order to retest.

Support levels: 1725, 1665 | Resistance levels: 1780, 1850​
 

Solid ECN

Well-known member
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Gold Price Keeps its Negative Stability

Gold price tested 1746.40 level and kept its stability below it, to resume the negative trades and attempts to move away from this level, which keeps the correctional bearish trend valid, waiting to test 1721.65 as a next main target. The EMA50 forms negative pressure that supports the expected decline, which will remain valid unless breaching 1746.4 – 1754 levels and holding above them.

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The expected trading range for today is between 1715 support and 1750 resistance, and the expected trend for today is Bearish.

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Solid ECN

Well-known member
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XAUUSD - The possibility of growth remains.

On the daily chart, the downward correction has ended as the fourth wave of the higher level (4), within which wave C of (4) has formed as an impulse and the development of the fifth wave (5) has begun. At the moment, the first wave of the lower level 1 of (5) is being built, in which wave iii of 1 formed and corrective wave iv of 1 ended.

It is predicted that the quotes of the XAUUSD pair will continue their upward dynamics in the area of 1808.08 - 1881.56. The level of 1720.15 is critical and stop-loss for this scenario.

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