XAU/USD: Elliott wave analysis and forecast for 04.10.24 – 11.10.24

The article covers the following subjects:

Highlights and key points

  • Main scenario: consider long positions from corrections above the level of 2619.05 with a target of 2800.00 – 3000.00. A buy signal: if the price holds above 2619.05. Stop Loss: below 2600.00, Take Profit: 2800.00 – 3000.00.
  • Alternative scenario: breakout and consolidation below the level of 2619.05 will allow the pair to continue declining to the levels of 2470.55 – 2356.76. A sell signal: once the level of 2619.05 is broken to the downside. Stop Loss: above 2650.00, Take Profit: 2470.55 – 2356.76.

Main scenario

Consider long positions from a correction above the level of 2619.05 with a target of 2800.00 – 3000.00.

Alternative scenario

Breakout and consolidation below the level of 2619.05 will allow the pair to continue declining to the levels of 2470.55 – 2356.76.

Analysis

The fifth wave of larger degree 5 is presumably developing on the weekly chart, with wave (5) of 5 forming as its part. Apparently, the third wave 3 of (5) is unfolding on the daily time frame, with wave v of 3 continuing forming as its part. The third wave of smaller degree (iii) of v is forming on the H4 time frame, within which wave v of (iii) continues developing. If the presumption is correct, the XAUUSD pair will continue to rise to the levels of 2800.00 – 3000.00. The level of 2619.05 is critical in this scenario as a breakout will enable the pair to continue falling to the levels of 2470.55 – 2356.76.



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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