XAU/USD: Elliott wave analysis and forecast for 07/08/2020 – 14/08/2020

XAU/USD is likely to fall into a correction. Estimated pivot point is at a level of  2074.60.

Main scenario: consider short positions below the level of 2074.60 with a target of 2007.60 – 1967.22.

Alternative scenario: breakout and consolidation above the level of  2074.60 will allow the pair to continue rising to the levels of 2130.03 – 2200.00.

Analysis: The ascending third wave of larger degree (3) presumably continues developing on the daily time frame, with wave 5 of (3) forming inside.  Apparently, the third wave of smaller degree iii of 5 is forming on the H4 time frame, with…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>