XAUUSD: Elliott wave analysis and forecast for 21.07.23 – 28.07.23


Main scenario: consider long positions of corrections above the level of 1945.51 with a target of 2022.28 – 2059.86.

Alternative scenario: a break and consolidation below the level of 1945.51 will allow the pair to continue to decline to the levels of 1887.50 – 1836.74.

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 1 of (5) is formed and a bearish correction is completed as a second wave 2 of (5) on the H4 chart. Presumably the third wave 3 of (5) is unfolding. The first counter-trend wave of smaller degree i of 3 is developing on the H1 chart, with wave (iii) of i continuing to form as its part. If the assumption is correct, the pair will continue to rise to the levels of 2022.28 – 2059.86. The level of 1945.51 is critical in this scenario because a break will allow the pair to continue to decrease to the levels of 1887.50 – 1836.74.

XAUUSD price chart in real time mode

The content of this article reflects the opinion of the author and does not necessarily reflect the official position of LiteFinance. The material published on this page is provided for information purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

Rate this article:

{{ value }} ({{count}} {{title}})



Please enter your comment!
Please enter your name here