XAU/USD: Elliott wave analysis and forecast for 20/03/2020 – 27/03/2020

The pair XAU/USD is still likely to fall. Estimated pivot point is at a level of 1155.37.

Main scenario: short positions will be relevant from corrections below the level of 1155.37 with a target of 1362.95 – 1265.31.

Alternative scenario: breakout and consolidation above the level of 1155.37 will allow the pair to continue rising to the levels of 1606.15 – 1700.00.

Analysis: Supposedly, wave (B) of senior level is nearing completion on the daily time frame, with an ascending impulse developed inside as wave C of (B). Apparently, a descending wave (C) started developing on the H4 time frame…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>