XAUUSD: Elliott wave analysis and forecast for 30.08.24 – 06.09.24

The article covers the following subjects:

Highlights and key points

  • Main scenario: consider long positions from corrections above the level of 2471.10 with a growth target of 2600.00 – 2700.00. A buy signal: if the price remains above 2471.10. Stop Loss: below 2440.00, Take Profit: 2600.00 – 2700.00.
  • Alternative scenario: breakout and consolidation below the level of 2471.10 will allow the pair to continue declining to the levels of 2292.30 – 2161.56. A sell signal: after the level of 2471.10 is broken to the downside. Stop Loss: above 2500.00, Take Profit: 2292.30 – 2161.56.

Main scenario

Consider long positions from a correction above the level of 2471.10 with a target of 2600.00 – 2700.00.

Alternative scenario

Breakout and consolidation below the level of 2471.10 will allow the pair to continue declining to the levels of 2292.30 – 2161.56.

Analysis

The fifth wave of larger degree (5) is presumably developing on the daily chart, with the 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 third wave of smaller degree (iii) of v continues forming on the H1 time frame, with wave v of (iii) developing as its part. If the presumption is correct, the XAUUSD pair will continue to rise to the levels of 2600.00 – 2700.00. The level of 2471.10 is critical in this scenario as a breakout will allow the pair to continue falling to the levels of 2292.30 – 2161.56.



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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