XAUUSD Gold Price May Fall To 1595.91

The Gold structure suggests that the intermediate correction wave (4), is a triple zigzag consisting of minor sub-waves W-X-Y-X-Z.

As part of the correction (4), the final minor wave Z is under construction and is almost complete. If we take a closer look at its structure, we can see that it is a double zigzag of the minute degree. In order to conclude it is necessary to complete an actionary wave ⓨ.

Wave ⓨ will take the form of a double combination (w)-(x)-(y) of the minuette degree. This can end its pattern near 1595.91. At that level, minor waves Y and Z will be equal.

XAUUSD

It is possible that the formation of the intermediate correction (4) was fully completed in the first half of September.

To confirm this option, bullish market growth and the development of an intermediate wave (5) will be necessary. Most likely, it will take the form of an impulse, which will consist of five minor sub-waves 1-2-3-4-5, as shown on the chart.

The price of gold could rise significantly above the level of 1917.03 in minor wave 3. The minor intervening wave X marked this.

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“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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