XAU/USD Testing Final 61.8% Fibonacci Retracement Level

Chris Svorcik Elite CurrenSea

Meta description: XAU/USD needs to break below the support trend line and uptrend channel if it wants to confirm the current wave 4 pattern.

Gold (XAU/USD) stopped at the golden ratio 61.8% Fibonacci level, which is an unusually deep Fib level for a wave4 (blue). The breakout direction will decide about the next trend.

XAU/USD

4 hour

XAU/USD needs to break below the support trend line (blue) if it wants to confirm the current wave pattern (wave 4 (blue)). A bullish break makes this wave outlook unlikely and it could indicate a potential bullish move.

Daily

XAU/USD could have completed a wave 4 (blue) correction but a bullish breakout changes that perspective. A bearish break below the support line (blue) and the bottom of the uptrend channel (blue) could indicate the start of 5 (blue) and aim for the Fibonaccilevel. A bullish break could aim for the resistance line (red).

Author

Chris Svorcik

Elite CurrenSea

Experience Chris Svorcik has co-founded Elite CurrenSea in 2014 together with Nenad Kerkez, aka Tarantula FX. Chris is a technical analyst, wave analyst, trader, writer, educator, webinar speaker, and seminar speaker of the financial markets.

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