XAUUSD: Elliott Wave Analysis and Forecast for 29.11.24 – 06.12.24

December 2, 2024 5:53 pm

The article covers the following subjects:

Major Takeaways

  • Main scenario: Consider short positions from corrections below the level of 2792.90 with a target of 2418.82 – 2304.21. A sell signal: the price holds below 2792.90. Stop Loss: above 2800, Take Profit: 2418.82 – 2304.21.
  • Alternative scenario: Breakout and consolidation above the level of 2792.90 will allow the asset to continue rising to the levels of 2880.00 – 3000.00. A buy signal: the level of 2792.90 is broken to the upside. Stop Loss: below 2785.00, Take Profit: 2880.00 – 3000.00.

Main Scenario

Consider short positions from corrections below the level of 2792.90 with a target of 2418.82 – 2304.21.

Alternative Scenario

Breakout and consolidation above the level of 2792.90 will allow the pair to continue rising to the levels of 2880.00 – 3000.00.

Analysis

The fifth wave of larger degree 5 is presumably developing on the weekly chart, with wave (5) of 5 forming as its part. Apparently, the third wave 3 of (5) is formed on the daily chart, and a downward correction is developing as the fourth wave 4 of (5). Wave a of 4 is completed on the H4 chart, and a local correction continues developing as wave b of 4. If the presumption is correct, the XAUUSD pair will continue falling to 2418.82 – 2304.21 after the correction is over. The level of 2792.90 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 2880.00 – 3000.00.



Price chart of XAUUSD in real time mode

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