XAUUSD Final Leg Of Bullish Zigzag Begins!

It is assumed that Gold forms a double zigzag, which consists of sub-waves Ⓦ-Ⓧ-Ⓨ inside the cycle wave z.

The primary sub-waves Ⓦ-Ⓧ have ended and the third sub-wave Ⓨ is in the process of development.

Wave Ⓨ can take a standard zigzag shape. Intermediate impulse (A) and correction wave (B), have ended. In the near future, prices could move higher in the intermediate impulse (C).

The price could rise to 2149.67. At that level, primary wave Ⓨ will be at 100% of wave Ⓦ.

In the second variant, the impulse wave (A) ended not so long ago, its fifth wave is the ending diagonal.

At the moment, it is possible to observe a decrease in the price and the development of an intermediate correction (B). There is a high probability that this correction will take the form of a standard zigzag A-B-C, as shown in the chart.

The final wave (B) is probably near 1898.48. At that level, it will be at 61.8% of impulse (A).

Test your strategy on how the XAUUSD will fare with Orbex

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• Source: https://www.orbex.com/blog/en/2023/04/xauusd-final-leg-of-bullish-zigzag-begins