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XAUUSD (Gold) 4hr Tf Analysis

Summary

Primary trend for Gold (XAUUSD) is still bullish.

A sell off in XAUUSD this week is likely.

The most conservative bullish trade for XAUUSD this week is buying a breakout above ~$1,356.66.

The current analysis shows a bearish scenario for XAUUSD with the major target region expected between ~$1334 and $1338. A corrective (3 wave) move back to this target region means that the downtrend should continue and the least target for the sell off would be ~$1310.23. The point of invalidation for the bearish scenario is ~$1,346.97

4hr tf analysis of XAUUSD In the event that XAUUSD pushes well past ~$1,338, it is likely that it will resume its bullish trend. In this case, the safest point to go long would be a breakout above its most recent high ($1,356.66). Conservative projections in this scenario give a possibility of Gold reaching ~$1,395.51 and higher projections (based on intermediate wave (NYSE:W) and intermediate wave (NYSE:X) ) give targets into the $1,500's for XAUUSD.