Gold Price Analysis 2023 : XAUUSD Price Prediction and Wave Projections

Gold, a precious metal and a popular investment option, attracts the attention of traders and investors alike. Understanding Gold Price movements and potential wave projections can be crucial for making informed trading decisions. Currently, XAUUSD is trading at $1958, and in this article, we will analyze its recent price movements and project potential wave patterns.

gold price 17 july 2023

Completed 5 Impulse Wave Up:

On May 4, 2023, Gold reached a high of $2078, completing a 5 impulse wave up. These impulse waves are significant moves in a specific direction, often indicating a strong market trend.

Corrective ABC Wave Started:

Following the completion of the 5 impulse wave up, a corrective ABC wave pattern began. In this pattern, the market undergoes a series of price swings that counter the primary trend.

Completion of Wave A:

Wave A of the corrective pattern appears to have been completed around $1892, resulting in an approximate 180+ points downward move.

Gold Price in Wave B with Up Projection:

Last week, we witnessed a remarkable resurgence in gold prices as the US dollar experienced a significant drop to its lowest level in 15 months. This decline in the US dollar eased the tension surrounding the potential rate hike by the US Federal Reserve, ultimately leading to a strong bounce back in the price of gold during the last few trading sessions.

Currently, Gold is in the process of forming wave B up. This wave is expected to correct a portion of the previous decline. It is projected to reach a minimum of 38% Fibonacci retracement level, near $1965, and could potentially go up to the range of $2010 to $2030.

Gold Price Powerful Wave C Ahead:

Following the completion of wave B, a powerful wave C is anticipated. Wave C typically moves beyond the starting point of wave A and is often characterized by significant price swings.

Technical Indicators:

On the daily chart, Gold is trading above the 50 Exponential Moving Average (EMA), indicating a positive trend. The Moving Average Convergence Divergence (MACD) is also positive, suggesting strong price momentum. Additionally, the Relative Strength Index (RSI) is above its reference line, further supporting the notion of a robust market.

Trading Strategy:

Given the current wave B up, traders may consider buying on dips with caution. However, it is advisable to wait patiently for confirmation, such as a candlestick pattern, before considering a sell on rise strategy for the anticipated powerful wave C down.

Risk Management and Disclaimer:

As with any financial market, trading Gold involves inherent risks. It is essential to conduct thorough research, analyze technical indicators, and consider your risk tolerance before making any trading decisions. The information provided in this article is for informational purposes only and should not be considered as financial advice.

In conclusion, Gold’s price movements have exhibited significant waves, with a completed 5 impulse wave up and an ongoing corrective ABC wave. The projection of wave B up and anticipation of a powerful wave C provide valuable insights for traders seeking opportunities in the Gold market. As always, diligent analysis and risk management are vital for successful trading.