Home Market XAUUSD: Elliott wave analysis and forecast for 01.07.22 – 08.07.22

XAUUSD: Elliott wave analysis and forecast for 01.07.22 – 08.07.22

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Main scenario: consider long positions from corrections above the level of 1786.26 with a target of 1997.97 – 2070.98.

Alternative scenario: breakout and consolidation below the level of 1786.26 will allow the pair to continue declining to the levels of 1722.24 – 1616.95.

Analysis: wave (3) of a larger degree continues developing in the daily chart, with the fifth wave 5 of (3) forming inside. The downward correction completed as the fourth wave iv of 5 and wave v of 5 started developing in the H4 chart. Presumably, the first wave of a smaller degree (i) of v completed in the H1 timeframe, and the local correction (ii) of v is about to finish soon. If the presumption is correct, the pair will continue to rise to the levels of 1997.97 – 2070.98. The level of 1786.26 is pivotal in this scenario as its breakout will enable the pair to continue declining to the levels of 1722.24 – 1616.95.



Price chart of XAUUSD in real time mode

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