XAU/USD: Elliott wave analysis and forecast for 05.07.24 – 12.07.24

July 5, 2024 3:43 pm

The article covers the following subjects:

Key takeaways

  • Main scenario: consider long positions from a correction above the level of 2293.93 with a target of 2500.00 – 2560.00. A buy signal: after the level of 2293.93 is broken. Stop Loss: 2250.00, Take Profit: 2560.00.
  • Alternative scenario: breakout and consolidation below the level of 2293.93 will allow the pair to continue declining to the levels of 2218.46 – 2161.56. A sell signal: after the level of 2293.93 is broken. Stop Loss: 2330.00, Take Profit: 2161.56.

Main scenario

Consider long positions from a correction above the level of 2293.93 with a target of 2500.00 – 2560.00.

Alternative scenario

Breakout and consolidation below the level of 2293.93 will allow the pair to continue declining to the levels of 2218.46 – 2161.56.

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 third wave of smaller degree iii of 3 has formed on the H4 time frame, and a local correction finished developing as the fourth wave iv of 3. The fifth wave v of 3 has presumably started developing on the H1 chart, with wave (i) of v forming inside. If the presumption is correct, the XAU/USD pair will continue to rise to the levels of 2500.00 – 2560.00. The level of 2293.93 is critical in this scenario as a breakout will enable the pair to continue falling to the levels of 2218.46 – 2161.56.



Price chart of XAUUSD in real time mode

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