XAU/USD: Elliott wave analysis and forecast for 10.07.2020 – 17.07.2020

XAU/USD remains likely to grow. Estimated pivot point is at the level of 1772.70.

Main scenario: consider long positions from corrections above the level of 1772.70 with the target in 1830.00 – 1845.00.

Alternative scenario: Breakout and consolidation below the level of 1772.70 will allow the pair to decline to the levels of 1746.84 – 1704.32.

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 wave (v) of v of…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>