XAUUSD: Elliott wave analysis and forecast for 25.11.2022 – 02.12.2022

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Main scenario: consider long positions of corrections above the level of 1719.97 with a target of 1807.32 – 1851.11.

Alternative scenario: break and consolidation below the level of 1719.97 will allow the pair to continue to decline to the levels of 1681.58 – 1616.96.

Analysis: a downward correction appears to have formed as the fourth wave (4) of greater degree on the daily chart, with wave С of (4) completed internally. The fifth wave (5) appears to be forming on the H4 chart, with the first counter-trend wave of smaller degree i of 1 from (5) developing as its part. On the H1 chart, a local correction ended developing when wave (iv) of i and wave (v) of i started to form. If the assumption is correct, the pair will continue to rise to the levels of 1807.32 – 1851.11. The level of 1719.97 is critical in this scenario because its break will allow the pair to continue falling to the levels of 1681.58 – 1616.96.



XAUUSD price chart in real time mode

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