Elliott wave analysis and forecast for 03.07.20 – 10.07.20

0
39


XAU/USD remains likely to grow. Estimated pivot point is at the level of 1746.00.

Main scenario: consider long positions from corrections above the level of 1746.00 with the target in 1810.00 – 1830.00.

Alternative scenario: Breakout and consolidation below the level of 1746.00 will allow the pair to continue declining to the levels of 1704.32 – 1670.86.

Analysis: Supposedly, an ascending correction of larger degree continues developing in the form of wave (B) on the daily time frame, with wave С of (B) forming within. On the H4 time frame, supposedly, the fifth wave v of C is forming, with the local correction completed inside in the form of wave (iv) of v of C. The fifth wave of a smaller degree v of (v) of v is forming on H1 time frame. If the assumption is correct, the price will continue growing to 1810.00 – 1830.00. The level of 1746.00 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1704.32 – 1670.86.

LiteForex: XAU/USD: Elliott wave analysis and forecast for 03.07.20 – 10.07.20

LiteForex: XAU/USD: Elliott wave analysis and forecast for 03.07.20 – 10.07.20

LiteForex: XAU/USD: Elliott wave analysis and forecast for 03.07.20 – 10.07.20

Price chart of XAUUSD in real time mode

XAU/USD: Elliott wave analysis and forecast for 03.07.20 – 10.07.20

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.

Rate this article:

{{value}} ( {{count}} {{title}} )





Source link

LEAVE A REPLY