Home Market XAUUSD: Elliott wave analysis and forecast for 05.08.22 – 12.08.22

XAUUSD: Elliott wave analysis and forecast for 05.08.22 – 12.08.22

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Main scenario: consider long positions from corrections above the level of 1679.70 with a target of 1879.10 – 1997.97.

Alternative scenario: breakout and consolidation below the level of 1679.70 will allow the pair to continue declining to the levels of 1650.00 – 1603.30.

Analysis: a descending correction appears to have formed as the fourth wave (4) of larger degree on the daily chart, with wave С of (4) completed inside. Apparently, the fifth wave (5) is starting to develop on the H4 chart. The first counter-trend wave of smaller degree i of 1 of (5) is presumably developing on the H1 chart, with wave (v) of i forming as its part. If the presumption is correct, the pair will continue to rise to the levels of 1879.10 – 1997.97. The level of 1679.70 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1650.00 – 1603.30.



Price chart of XAUUSD in real time mode

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