The XAUUSD chart is showing an intriguing setup for a bullish continuation. We've observed a completion of Wave (4) at a strong support level, indicating readiness for Wave (5), typically the final leg in an Elliott Wave motive sequence.
Currently, XAUUSD seems to be in a strong position to move higher. Using the Fibonacci extension tool, I've identified the 1.618 level at 2470.890 as a potential target for Wave (5). This suggests substantial upward potential from the current levels, which could offer an excellent opportunity for a long position.
Considering this setup, entering a long position around the current price could be advantageous, aiming for the target mentioned. To manage risks, setting a stop-loss below the recent low established by Wave (4) would be prudent.
Keep an eye on the market's momentum and adjust your strategies accordingly. Let's capitalize on this bullish wave together!
Currently, XAUUSD seems to be in a strong position to move higher. Using the Fibonacci extension tool, I've identified the 1.618 level at 2470.890 as a potential target for Wave (5). This suggests substantial upward potential from the current levels, which could offer an excellent opportunity for a long position.
Considering this setup, entering a long position around the current price could be advantageous, aiming for the target mentioned. To manage risks, setting a stop-loss below the recent low established by Wave (4) would be prudent.
Keep an eye on the market's momentum and adjust your strategies accordingly. Let's capitalize on this bullish wave together!
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