XAUUSD: Elliott wave analysis and forecast for 07.06.24 – 14.06.24

June 7, 2024 12:49 pm

Main scenario: consider long positions from corrections above the level of 2310.36 with a target of 2500.00 – 2560.00.

Alternative scenario: breakout and consolidation below the level of 2310.36 will allow the pair to continue declining to the levels of 2154.83 – 2019.86.

Analysis: the fifth wave of larger degree (5) is forming on the daily chart, with wave 3 of (5) unfolding as its part. Apparently, the third wave of smaller degree iii of 3 is forming on the H4 time frame, with wave (iii) of iii and corrective wave (iv) of iii completed inside. Wave (v) of iii is unfolding on the H1 time frame, with wave i of (v) formed, local corrective wave ii of (v) completed, and wave iii of (v) developing as its parts. If the presumption is correct, the XAUUSD pair will continue to rise to the levels of 2500.00 – 2560.00. The level of 2310.36 is critical in this scenario as a breakout will allow the pair to continue falling to the levels of 2154.83 – 2019.86.

Price chart of XAUUSD in real time mode

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