In the medium term, gold is expected to form a double zigzag, which consists of three main sub-waves inside the cycle wave z.
-638155843366066024.png)
Apparently, the first two sub-waves have already been formed, and the third sub-wave is currently under development.
Wave may take a standard zigzag structure. At the moment, its first part is being built the sub-wave (A), similar to the impulse 1-2-3-4-5. In the near future, market participants may observe the completion of the minor correction 4, after which the price may rise to the maximum of 2011.28 in minor wave 5.
In the second variant, we consider a scenario where the intermediate impulse wave (A) is fully completed, its fifth wave is a truncated impulse.
Thus, in the next coming trading days, market participants may expect a price decline 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 on the chart.
The end of the wave (B) can be expected closer to 1881.76. At that level, it will be at 61.8% of impulse (A).
This market forecast is for general information only. It is not an investment advice or a solution to buy or sell securities.
Authors' opinions do not represent the ones of Orbex and its associates. Terms and Conditions and the Privacy Policy apply.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. There is a possibility that you may sustain a loss of some or all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
EUR/USD holds below 1.0750 ahead of key US data
EUR/USD trades in a tight range below 1.0750 in the European session on Friday. The US Dollar struggles to gather strength ahead of key PCE Price Index data, the Fed's preferred gauge of inflation, and helps the pair hold its ground.
GBP/USD consolidates above 1.2500, eyes on US PCE data
GBP/USD fluctuates at around 1.2500 in the European session on Friday following the three-day rebound. The PCE inflation data for March will be watched closely by market participants later in the day.
Gold clings to modest daily gains at around $2,350
Gold stays in positive territory at around $2,350 after closing in positive territory on Thursday. The benchmark 10-year US Treasury bond yield edges lower ahead of US PCE Price Index data, allowing XAU/USD to stretch higher.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
US core PCE inflation set to signal firm price pressures as markets delay Federal Reserve rate cut bets
The core PCE Price Index, which excludes volatile food and energy prices, is seen as the more influential measure of inflation in terms of Fed positioning. The index is forecast to rise 0.3% on a monthly basis in March, matching February’s increase.