XAUUSD: Elliott wave analysis and forecast for 26.07.24 – 02.08.24

The article covers the following subjects:

Highlights and key points

  • Main scenario: consider long positions above the level of 2291.67 with a target of 2560.00 – 2650.00 once a correction is over. A buy signal: after the level of 2291.67 is broken. Stop Loss: 2250.00; Take Profit: 2650.00.
  • Alternative scenario: breakout and consolidation below the level of 2291.67 will allow the pair to continue declining to the levels of 2161.56 – 1988.70. A sell signal: after the level of 2291.67 is broken. Stop Loss: 2330.00; Take Profit: 1988.70.

Main scenario

Consider long positions above the level of 2291.67 with a target of 2560.00 – 2650.00 once a correction is formed.

Alternative scenario

Breakout and consolidation below the level of 2291.67 will allow the pair to continue declining to the levels of 2161.56 – 1988.70.

Analysis

The fifth wave of larger degree (5) is presumably developing on the daily chart, with wave 3 of (5) forming as its part. On the H4 time frame, apparently, a correction finished developing as the fourth wave iv of 3, and the fifth wave v of 3 is forming. The first wave of smaller degree (i) of v is formed on the H1 chart, and a local correction is nearing completion as the second wave (ii) of v. If the presumption is correct, the XAUUSD will continue to rise to the levels of 2560.00 – 2650.00 after the correction ends. The level of 2291.67 is critical in this scenario as a breakout will enable the pair to continue falling to the levels of 2161.56 – 1988.70.



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 LiteFinance. 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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This post is originally published on LITEFINANCE.

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