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Gold quotes have been growing actively for the third week in a row: amid growing COVID-19 epidemic in the USA and threats to the restoration of the main world economy, investors prefer to invest in "safe haven" assets.
On the H4 chart, there is a correction of the upward movement. The instrument is consolidating at the center line of Bollinger Bands; the indicator cloud is narrowed, and a lateral trend is likely to form in the short term. The MACD histogram is in the positive area, its volumes are gradually decreasing; the signal line is horizontal, the buy signal is still relevant. Stochastic is about to cross the oversold zone from above, keeping a signal to open short positions.
The pair may fall.
On the daily chart, the third wave of the higher level (3) develops, within which the wave 1 of (3) forms. Now, the fifth wave of the lower level v of 1 is developing, within which the wave (iii) of v has formed. If the assumption is correct, after the end of the local correction (iv) of v, the pair will fall to the levels of 0.9170–0.9050. In this scenario, critical stop loss level is 0.9530.
The pair is in a correction and may grow.
On the 4-hour chart, the first wave of the higher level (1) of C develops, within which a local correction developed as the fourth wave 4 of (1), shaped as a triangle. Now, the formation of the fifth wave 5 of (1) has started, within which the correctional wave ii of 5 is ending. If the assumption is correct, after the end of the correction, the pair will grow to the levels of 0.7200–0.7400. In this scenario, critical stop loss level is 0.6831.