XAU/USD: Elliott wave analysis and forecast for 29/05/2020 – 05/06/2020

The pair XAU/USD remains likely to fall. Estimated pivot point is at a level of 1765.45.

Main scenario: consider short positions from corrections below the level of 1765.45 with a target of 1667.44 – 1634.13.

Alternative scenario: breakout and consolidation above the level of 1765.45 will allow the pair to continue rising to the levels of 1798.83 – 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>