XAUUSD: Elliott wave analysis and forecast for 05.01.24 – 12.01.24


Main scenario: consider long positions from corrections above the level of 1971.59 with a target of 2220.00 – 2300.00.

Alternative scenario: breakout and consolidation below the level of 1971.59 will allow the pair to continue declining to the levels of 1912.52 – 1809.00.

Analysis: a descending correction appears to have formed as the fourth wave (4) of larger degree on the daily chart. The fifth wave (5) is unfolding, with the first wave 1 of (5) formed as its part. A bearish correction presumably finished forming as the second wave 2 of (5) on the H4 chart, and the third wave 3 of (5) is unfolding, with wave iii of 3 developing as its part. A local correction is formed on the H1 time frame as the second wave of smaller degree (ii) of iii, and wave (iii) of iii continues developing. If the presumption is correct, the XAUUSD pair will continue to rise to the levels of 2220.00 – 2300.00. The level of 1971.59 is critical in this scenario as a breakout will enable the pair to continue falling to the levels of 1912.52 – 1809.00.



Price chart of XAUUSD in real time mode

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