Elliott wave analysis and forecast for 20/03/2020 – 27/03/2020

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The pair XAU/USD is still likely to fall. Estimated pivot point is at a level of 1155.37.

Main scenario: short positions will be relevant from corrections below the level of 1155.37 with a target of 1362.95 – 1265.31.

Alternative scenario: breakout and consolidation above the level of 1155.37 will allow the pair to continue rising to the levels of 1606.15 – 1700.00.

Analysis: Supposedly, wave (B) of senior level is nearing completion on the daily time frame, with an ascending impulse developed inside as wave C of (B). Apparently, a descending wave (C) started developing on the H4 time frame with the first counter-trend wave of junior level  (i) of i of 1 of (C) formed inside. Supposedly, local correction  (ii) of i of 1 formed on the H1 time frame. If the presumption is correct, the pair will resume falling to the levels of 1362.95 – 1265.31. The level of 1155.37 is critical in this scenario as the breakout will enable the pair to continue growing to the levels 1606.15 – 1700.00.

LiteForex: XAU/USD: Elliott wave analysis and forecast for 20/03/2020 – 27/03/2020


LiteForex: XAU/USD: Elliott wave analysis and forecast for 20/03/2020 – 27/03/2020


LiteForex: XAU/USD: Elliott wave analysis and forecast for 20/03/2020 – 27/03/2020


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Price chart of XAUUSD in real time mode

XAU/USD: Elliott wave analysis and forecast for 20/03/2020 – 27/03/2020

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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