XAU/USD: Elliott wave analysis and forecast for 20.09.24 – 27.09.24

The article covers the following subjects:

Highlights and key points

  • Main scenario: consider long positions from corrections above the level of 2472.80 with a growth target of 2700.00 – 2800.00. A buy signal: if the price holds above 2472.80. Stop Loss: below 2472.80, Take Profit: 2700.00 – 2800.00.
  • Alternative scenario: breakout and consolidation below the level of 2472.80 will allow the pair to continue declining to the levels of 2356.78 – 2292.30. A sell signal: once the level of 2472.80 is broken to the downside. Stop Loss: above 2500.00, Take Profit: 2356.78 – 2292.30.

Main scenario

Consider long positions from a correction above the level of 2472.80 with a target of 2700.00 – 2800.00.

Alternative scenario

Breakout and consolidation below the level of 2472.80 will allow the pair to continue declining to the levels of 2356.78 – 2292.30.

Analysis

The fifth wave of larger degree (5) is presumably developing on the daily chart, with wave 3 of (5) forming as its part. Apparently, the fifth wave v of 3 is developing on the H4 time frame, with wave (iii) of v continuing forming as its part. On the H1 time frame, the fifth wave of smaller degree v of (iii) is unfolding. If the presumption is correct, the XAUUSD pair will continue to rise to the levels of 2700.00 – 2800.00. The level of 2472.80 is critical in this scenario as a breakout will enable the pair to continue falling to the levels of 2356.78 – 2292.30.



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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