XAU/USD: Elliott wave analysis and forecast for 03.07.20 – 10.07.20

XAU/USD remains likely to grow. Estimated pivot point is at the level of 1746.00.

Main scenario: consider long positions from corrections above the level of 1746.00 with the target in 1810.00 – 1830.00.

Alternative scenario: Breakout and consolidation below the level of 1746.00 will allow the pair to continue declining to the levels of 1704.32 – 1670.86.

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. On the H4 time frame, supposedly, the fifth wave v of C is forming, with the local correction…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>