XAU/USD: Elliott wave analysis and forecast for 24/04/2020 – 01/05/2020

XAU/USD remains likely to grow. Estimated pivot point is at a level of 1658.67.

Main scenario: consider long positions from corrections above the level of  1658.67 with a target of 1800.00 – 1850.00.

Alternative scenario: breakout and consolidation below the level of 1658.67 will allow the pair to continue declining to the levels of 1561.72 – 1450.00.

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). On the H4 time frame, supposedly, the fifth wave v of C is forming, with the local correction …<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>