XAU/USD: Elliott wave analysis and forecast for 08/05/2020 – 15/05/2020

The pair XAU/USD remains likely to fall. Estimated pivot point is at a level of 1747.08.

Main scenario: consider short positions from corrections below the level of  1747.08 with a target of 1561.72 – 1450.00.

Alternative scenario: breakout and consolidation above the level of  1747.08 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…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>