XAUUSD: Elliott wave analysis and forecast for 13.09.24 – 20.09.24

The article covers the following subjects:

Highlights and key points

  • Main scenario: consider long positions from corrections above the level of 2497.30 with a growth target of 2600.00 – 2700.00. A buy signal: if the price holds above 2497.30. Stop Loss: below 2480.00, Take Profit: 2600.00 – 2700.00.
  • Alternative scenario: breakout and consolidation below the level of 2497.30 will allow the pair to continue declining to the levels of 2427.72 – 2292.30. A sell signal: once the level of 2497.30 is broken to the downside. Stop Loss: above 2510.00, Take Profit: 2427.72 – 2292.30.

Main scenario

Consider long positions from a correction above the level of 2497.30 with a target of 2600.00 – 2700.00.

Alternative scenario

Breakout and consolidation below the level of 2497.30 will allow the pair to continue declining to the levels of 2427.72 – 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, a local correction has finished developing as wave iv of (iii), and wave v of (iii) is forming. If the presumption is correct, the XAUUSD pair will continue to rise to the levels of 2600.00 – 2700.00. The level of 2497.30 is critical in this scenario as a breakout will enable the pair to continue falling to the levels of 2427.72 – 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.

Rate this article:

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

This post is originally published on LITEFINANCE.

  • Related Posts

    How to Trade EURUSD – Best Forex Strategies

    Today, I will deal with the most popular Forex trading asset – the EURUSD pair. We shall dive into the history of EURUSD, explore modern trends, and have a look…

    How to trade Commodities: A Comprehensive Guide to an Unusual Market

    You may wonder why we called the commodity market an unusual one. What is so special about it? If you are engaged in forex trading or speculate on the stock…

    Leave a Reply

    Your email address will not be published.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

    You Missed

    US, Britain launch raids on Yemeni capital Sanaa, elsewhere, Al Masirah TV says

    • November 10, 2024
    US, Britain launch raids on Yemeni capital Sanaa, elsewhere, Al Masirah TV says

    US, Mexico reach agreement on Rio Grande water deliveries amid drought, shortages

    • November 9, 2024
    US, Mexico reach agreement on Rio Grande water deliveries amid drought, shortages

    Volatile Markets: Mistakes Investors Make and How to Avoid Them

    • November 9, 2024
    Volatile Markets: Mistakes Investors Make and How to Avoid Them

    Profit Taking in Trading: An Approach to Conquer Fear and Greed

    • November 9, 2024
    Profit Taking in Trading: An Approach to Conquer Fear and Greed

    🎯 Stop System Hopping & Start Winning: Unleash Your Inner Trading Edge!

    • November 9, 2024
    🎯 Stop System Hopping & Start Winning: Unleash Your Inner Trading Edge!

    3 EM currency trades to consider

    • November 9, 2024
    3 EM currency trades to consider