FX.co ★ XAU/USD, GOLD

Hello traders! So, in the GOLD market, from the perspective of wave analysis, the scenario of a local extension has been invalidated (there was a possibility that the entire rise since August 18 was just a retracement wave), which implied the completion of the correction and a move from current positions. Now, based on the wave structure, the version of a local triangle in a combination wave is a priority. This will be confirmed if there is an update below last week's low at 3612.19 without breaking the high at 3655.85. Therefore, a decline in a zigzag wave to the level of 3600 is expected. However, if the correction complicates into a triple zigzag, considering the hierarchy idea of second and fourth waves, the completion time of the entire correction structure may extend until the 20th of September. Typically, the fourth wave lasts longer than the second wave in time. In this case, the target for the decline could be the level of 3500.