XAU/USD: Elliott wave analysis and forecast for 12/06/2020 – 19/06/2020

The pair XAU/USD remains likely to fall. Estimated pivot point is at a level of  1764.82.

Main scenario: consider short positions from corrections below the level of  1764.82 with a target of 1634.13 – 1599.64.

Alternative scenario: breakout and consolidation above the level of  1764.82 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 inside. 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>