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XAUUSD: Elliott wave analysis and forecast for 02.07.21 – 09.07.21

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Main scenario: long positions will be relevant from corrections above the level of 1674.46 with a target of 1958.14 – 2016.10.

Alternative scenario: breakout and consolidation below the level of 1674.46 will allow the pair to continue declining to the levels of 1568.91 – 1447.92.

Analysis: an ascending third wave of a larger degree (3) formed in the daily time frame, and a descending correction developed as wave (4), supposedly. The fifth wave (5) appears to be forming in the H4 time frame, with the first wave of smaller degree 1 of (5) formed and the downward correction 2 of (5) completed inside. In the H1 time frame, wave  3 of (5) started developing. If the presumption is correct, the pair will continue to rise to the levels of 1958.14 – 2016.10. The level of 1674.46 is critical in this scenario as the breakout will enable the pair to continue declining to the levels of 1568.91 – 1447.92.



     

Price chart of XAUUSD in real time mode

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

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