XAU/USD: Elliott wave analysis and forecast for 15/05/2020 – 22/05/2020

XAU/USD remains likely to grow. Estimated pivot point is at a level of 1669.96.

Main scenario: consider long positions from corrections above the level of 1669.96 with a target of 1800.00 – 1850.00.

Alternative scenario: breakout and consolidation below the level of 1669.96 will allow the pair to continue declining to the levels of 1561.72 – 1450.00.

Analysis: Supposedly, an ascending correction of larger degree continues developing in the form of wave (B) on the daily time frame, with wave С of (B) forming within. Apparently, the fifth wave v of C is developing on the H4 time frame, with…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>