XAU/USD: Elliott wave analysis and forecast for 17/04/2020 – 24/04/2020

XAU/USD remains likely to grow. Estimated pivot point is at a level of 1561.37.

Main scenario: Consider long positions from corrections above the level of  1561.37 with a target of 1800.00 – 1850.00.

Alternative scenario: breakout and consolidation below the level of 1561.37 will allow the pair to continue declining to the levels of 1450.00 – 1366.48.

Analysis: Supposedly, wave (B) of larger degree continues developing on the daily time frame, with an ascending impulse developing inside as wave C of (B). Supposedly, a downward correction is completed as the fourth wave iv of C and wave v of C…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>