Technical Analytics Report

XAUUSD: Elliott Wave Analysis and Forecast

 

Main scenario: consider long positions from corrections above the level of 1861.48 with a target of 2016.08 – 2073.73. 

Alternative scenario: breakout and consolidation below the level of 1861.48 will allow the pair to continue declining to the levels of  1760.88 – 1718.57. 

Analysis: Presumably, the ascending third wave of larger  degree (3) formed and a descending correction developed as wave (4) on the  daily time frame. 

 

H4 time frame: apparently, the fifth wave (5) has started forming, with wave 1 of (5) formed inside. On the H1 time frame, a local correction  2 of (5) is developing as wave 2 of (5), with wave a of 2 forming inside. If  the presumption is correct, after correction, the pair will continue to rise to  the levels of 2016.08 – 2073.73. The level of 1861.48 is critical in this  scenario as its breakout will enable the pair to continue declining to the  levels of 1760.88 – 1718.57. 

XAUUSD current rate in the Forex market:  

XAUUSD = 1 849.94 

Sell: 1 848.94

Buy: 1 849.94

Mood: 99.5%

1-day change: -3.43 (-65.75%)

Support levels: 6680.0, 6790.0, 6850.0, 6910.0, 6960.0

 

 

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