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XAU/USD: Elliott Wave Analysis, Forecast For 29/05/2020 – 05/06/2020

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The pair XAU/USD remains likely to fall. Estimated pivot point is at a level of 1765.45.

Main scenario: Consider short positions from corrections below the level of 1765.45 with a target of 1667.44 – 1634.13.

Alternative scenario: Breakout and consolidation above the level of 1765.45 will allow the pair to continue rising to the levels of 1798.83 – 1850.00.

Analysis: Supposedly, an ascending correction of larger degree finished developing in the form of wave (B) on the daily time frame, with wave С of (B) formed inside. Apparently, the fifth wave v of C finished developing on the H4 time frame, with wave (v) of v formed inside. On the H1 time frame, wave (C) started developing. Inside it, there is the first counter-trend wave of smaller degree (i) of i of 1 of (C) formed and a local correction developing as wave (ii) of i. If the presumption is correct, the pair will continue to fall to the levels of 1667.44 – 1634.13 after correction. The level of 1765.45 is critical in this scenario as the breakout will enable the pair to continue growing to the levels of 1798.83 – 1850.00.Lite
Forex: XAU/USD: Elliott wave analysis and forecast for 29/05/2020 – 05/06/2020 Lite
Forex: XAU/USD: Elliott wave analysis and forecast for 29/05/2020 – 05/06/2020

Lite
Forex: XAU/USD: Elliott wave analysis and forecast for 29/05/2020 – 05/06/2020 Lite
Forex: XAU/USD: Elliott wave analysis and forecast for 29/05/2020 – 05/06/2020