XAUUSD: Elliott wave analysis and forecast for 07.04.23 – 14.04.23

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Main scenario: consider long positions of corrections above the level of 1891.42 with a target of 2050.00 – 2100.00.

Alternative scenario: a break and consolidation below the level of 1891.42 will allow the pair to continue to decline to the levels of 1859.35 – 1805.16.

Analysis: on the daily chart, a bearish correction is thought to have ended developing as the fourth wave of greater degree (4), and the fifth wave (5) is forming. Apparently, the first wave of lesser degree 1 of (5) is formed and a local correction is completed as second wave 2 of (5) on the H4 chart. The third wave 3 of (5) began to develop, with wave i of 3 continuing to develop as its part. Wave (iii) of i of 3 and corrective wave (iv) of i of 3 are formed on the H1 chart. Wave (v) of i of 3 is currently developing. If the assumption is correct, the pair will continue to rise to the levels of 2050.00 – 2100.00. The level of 1891.42 is critical in this scenario because a break will allow the pair to continue to decrease to the levels of 1859.35 – 1805.16.



XAUUSD price chart in real time mode

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