XAU/USD: Elliott wave analysis and forecast for 24/07/2020 – 31/07/2020

Ascending trend of XAU/USD continues Estimated pivot point is at a level of 1857.99.

Main scenario: consider long positions from corrections above the level of 1857.99 with a target of 1915.00 – 1930.00.

Alternative scenario: Breakout and consolidation below the level of 1857.99 will allow the pair to continue declining to the levels of 1832.77 – 1793.84.

Analysis: Supposedly, the ascending third wave of larger degree (3) 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 wave…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>