XAU/USD:Elliott wave analysis and forecast for 22/05/2020 – 29/05/2020

XAU/USD is likely to fall. Estimated pivot point is at a level of 1765.45.

Main scenario: consider short positions from corrections below the level of 1765.45 with a target of  1600.00 – 1565.00.

Alternative scenario: breakout and consolidation above the level of 1765.45 will allow the pair to continue rising to the levels of 1800.00 – 1850.00.

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