XAUUSD: Elliott wave analysis and forecast for 15.03.24 – 22.03.24

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Main scenario: consider long positions from corrections above the level of 2106.83 with a target of 2250.00 – 2350.50.

Alternative scenario: breakout and consolidation below the level of 2106.83 will allow the pair to continue declining to the levels of 2024.78 – 1916.55.

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 3 of (5) forming as its part. Apparently, the first wave of smaller degree i of 3 is forming on the H4 time frame, with a corrective wave (iv) of i completed as its part. Wave (v) of i presumably continues developing on the H1 time frame; as its part, wave iii of (v) formed and a local correction is nearing completion as wave iv of (v). If the presumption is correct, the XAUUSD will continue to rise to the levels of 2250.00 – 2350.50 upon correction. The level of 2106.83 is critical in this scenario as a breakout will enable the pair to continue falling to the levels of 2024.78 – 1916.55.



Price chart of XAUUSD in real time mode

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

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