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.

Rate this article:

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

This post is originally published on LITEFINANCE.

  • Related Posts

    Schaff Trend Cycle: Advanced Market Analysis for Traders

    10Jul.202513:35 The Schaff Trend Cycle STC indicator is a technical analysis tool that combines the advantages of MACD and stochastic oscillators. Its primary features include the implementation of smoothed moving…

    UK Struggles to Plug Fiscal Hole. Forecast as of 10.07.2025

    10Jul.202513:18 Last year, the pound failed to outperform its G10 counterparts due to the impact of Donald Trump’s policies. In 2025, the UK currency is losing ground due to Britain’s…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Why Ray Dalio Economic Predictions Keep Getting It Wrong?

    • July 10, 2025
    Why Ray Dalio Economic Predictions Keep Getting It Wrong?

    Interactive Brokers Rolls Out Mobile App to Teach Stocks, Options, Futures, and Investing Strategy

    • July 10, 2025
    Interactive Brokers Rolls Out Mobile App to Teach Stocks, Options, Futures, and Investing Strategy

    High-Stakes Market Investing: How to Build Wealth Today?

    • July 10, 2025
    High-Stakes Market Investing: How to Build Wealth Today?

    FCA Applies New Tech to Handle 3,200% More Financial Promotions Reviewed in Three Years

    • July 10, 2025
    FCA Applies New Tech to Handle 3,200% More Financial Promotions Reviewed in Three Years