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Home CommoditiesForex XAUUSD: Elliott Wave Analysis and Forecast for May 24 – May 31, 2024

XAUUSD: Elliott Wave Analysis and Forecast for May 24 – May 31, 2024

by xyonent
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Main scenario: A correction above the 2277.15 level could lead to long positions being considered with targets at 2500.00-2560.00.

Alternative scenario: A breakout and consolidation below the 2277.15 level could see the pair continue its decline towards the 2154.83-2019.86 levels.

analysis: On the daily chart, it seems that the downward correction has formed as a larger degree of wave 4 (4). Wave 5 (5) is developing, with wave 3 of wave 1 (5) being a part of it. Apparently, a smaller degree of wave 3 (3) is forming on the H4 timeframe, with wave iii (iii) and wave iv of iii corrective completed inside. Wave iii (v) is developing on the H1 timeframe, with wave i of (v) forming and wave ii of (v) local corrective nearing completion. If our estimation is correct, the XAUUSD pair will continue to rise to the 2500.00-2560.00 levels. In this scenario, the 2277.15 level is important, and a breakout could lead the pair to continue its decline to the 2154.83-2019.86 levels.

XAUUSD price chart in real time mode

The contents of this article reflect the opinions of the author and do not necessarily reflect the official views of LiteFinance. The material published on this page is for informational purposes only and should not be considered as the provision of investment advice within the purposes of Directive 2004/39/EC.

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