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Home CommoditiesForex XAU/USD: Elliott Wave Analysis and Forecast for 05.07.24 – 12.07.24

XAU/USD: Elliott Wave Analysis and Forecast for 05.07.24 – 12.07.24

by xyonent
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This article covers the following subjects:

Key Takeaways

  • Key Scenario: Consider long positions from a correction above 2293.93 level with targets at 2500.00 – 2560.00. Buy Signal: After a break below 2293.93 level. Stop Loss: 2250.00, Take Profit: 2560.00.
  • Alternative Scenario: A breakout and consolidation below the 2293.93 level could cause the pair to continue falling to the 2218.46-2161.56 levels. Sell Signal: After a drop below the 2293.93 level. Stop Loss: 2330.00, Take Profit: 2161.56.

Main Scenario

Long positions could be considered from a correction above the 2293.93 level with targets at 2500.00-2560.00.

Alternative scenarios

A breakout and consolidation below the 2293.93 level could see the pair continue its decline towards the 2218.46-2161.56 levels.

analysis

On the daily chart, it seems that a major wave 5 is developing. As part of it, wave 3 of the 5 is forming. Apparently, a minor wave 3 of the 3 is forming on the H4 timeframe, and a local correction has finished developing as wave 4 of the 4. Wave 5 of the 5 is starting to develop on the H1 chart, and inside wave (i) of the v is forming. If this assumption is correct, the XAU/USD pair will continue to rise to the 2500.00-2560.00 levels. In this scenario, the 2293.93 level is important, and a breakout could lead the pair to continue to fall to the 2218.46-2161.56 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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