XAUUSD : ATH (Almost TOP Here)
XAUUSD (Gold) Continues to Reach New All-Time Highs
Gold prices have been surging aggressively over the past week.
At present, gold appears to be forming one of two potential patterns:
In the correction phase of Wave 4, with the following possibilities:
Expanded Flat
Triangle
Running Flat/Triangle
If this is the case, the price may consolidate for a while before hitting a new all-time high (ATH) again towards the end of the year.
Currently in Wave 3 of Wave (5):
In this scenario, the price may have a small pullback before quickly reaching a new ATH. After that, a larger correction phase is likely to occur by the end of the year.
For now, more weight is being placed on the first scenario. However, if the price breaks above the B-wave of the Expanded Flat at 2375, the second scenario will be favored immediately.
Note: The first scenario is more likely because, on a larger scale, the price has already reached the target of Wave (5), even though the smaller waves have not fully completed. Close monitoring is required.
Gold prices have been surging aggressively over the past week.
At present, gold appears to be forming one of two potential patterns:
In the correction phase of Wave 4, with the following possibilities:
Expanded Flat
Triangle
Running Flat/Triangle
If this is the case, the price may consolidate for a while before hitting a new all-time high (ATH) again towards the end of the year.
Currently in Wave 3 of Wave (5):
In this scenario, the price may have a small pullback before quickly reaching a new ATH. After that, a larger correction phase is likely to occur by the end of the year.
For now, more weight is being placed on the first scenario. However, if the price breaks above the B-wave of the Expanded Flat at 2375, the second scenario will be favored immediately.
Note: The first scenario is more likely because, on a larger scale, the price has already reached the target of Wave (5), even though the smaller waves have not fully completed. Close monitoring is required.
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