XAUUSD: Elliott wave analysis and forecast for 02.08.24 – 09.08.24

The article covers the following subjects:

Highlights and key points

  • Main scenario: consider long positions from corrections above the level of 2350.30 with a growth target of 2560.00 – 2650.00. A buy signal: after a breakout above 2350.30. Stop Loss: below 2330.00, Take Profit: 2560.00 – 2650.00.
  • Alternative scenario: breakout and consolidation below the level of 2350.30 will allow the pair to continue declining to the levels of 2161.56 – 1988.70. A sell signal: after the level of 2350.30 is broken to the downside. Stop Loss: above 2370.00, Take Profit: 2161.56 – 1988.70.

Main scenario 

Consider long positions from a correction above the level of 2350.30 with a target of 2560.00 – 2650.00.

Alternative scenario

Breakout and consolidation below the level of 2350.30 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. On the H1 chart, the first wave of smaller degree (i) of v is formed, a local correction developed as the second wave (ii) of v, and the third wave (iii) of v is developing. If the presumption is correct, the XAUUSD pair will continue to rise to the levels of 2560.00 – 2650.00. The level of 2350.30 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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